$25 Million Worth Cryptocurrency Stolen By Hackers

There have been a number of different things that are supposed to change the old fashioned ways. Cryptocurrencies are of these things that are supposed to be a huge deal sooner or later. Digital currencies are already very valuable and are a good investment. While these are very valuable these are also not solid or materialistic and are present on servers and systems. Not many cases of theft or hacking of cryptocurrencies come around but it happened recently. Hackers have managed to steal $25 million worth of cryptocurrency from two different platforms.

The two platforms that were attacked by hackers are the Uniswap crypto exchange and the Lendf.me lending platform. These two are different platforms but do share some similarities on how they work. Due to the similarities thee platforms happened to have a similar vulnerability. These platforms have different protocols Lendf.me protocol, (DeFi) protocol), imBTC token, and ERC-777. This vulnerability comes due to the ERC-777 that shows incompatibility with the other protocols. The protocols run as smart contracts with the ERC-777 but incompatibility has raised the issues.

The issue or flaw used by Hackers is the reentrancy vulnerability that happened due to the ERC-777 incompatibility. The huge sum of $25 million worth of cryptocurrency was lost from both these attacks. For now, the imBTC contract is taken down by imToken until further investigation is done. A lot of cybercrime is going on lately but such cases of loss of money are rare. The amount lost is also huge and only scams and data breaches are happening around lately. Both the platforms are holding their services until it is secure for them to resume. A huge security concern has come up with this serious incident of stealing of cryptocurrency by hackers.

Leave a Reply

Your email address will not be published. Required fields are marked *