Development Team Suffers Cryptocurrency Theft Worth $4,80,000 – E Hacking News
Hackers stole records relating to the extension unit of an unknown blockchain recently, taking cryptocurrency worth $480,000, which is known as an obscure token called NULS.
The developing team working on NULS confirmed on Twitter that it suffered a hacking attack. Earlier in the morning, the company tweeted that around 2 million NULS ($4,80,000) were stolen from its account.
From the amount that was stolen, the development team says that more than half the amount lost in the theft has been liquidated to other cryptocurrency forms, amounting roughly to $131,600.
The company is planning to ‘Hard Fork’ the transaction network and blockchain, a measure that stops the cryptocurrency once and for all.
Fortunately, the incident didn’t have a hard effect on the price of NULS. The reason for the theft is said to be a vulnerability found in software version 2.2.
The reason for having little effect on its value might be due to the value dropping down already at over 95%, following the all-time high before the incident was exposed.
The users that use NULS are requested by the company to update their software to the latest version available, as to prevent themselves from any hacking issue.
Similar to the incident when Ethereum also ‘Hard Forked’ to retrieve its taken cryptocurrency:
The acknowledgment of the NULS team to this issue of theft is nostalgic for how core developers of Ethereum countered the problem of ‘DAO’ hacking incident in the year 2016.
The DAO (Digital Decentralized Autonomous Organization) was supported by active agreements that worked likewise to an enterprise funds stock but was driven by the investor.
Certainly, following the incident in which Ethereum worth $40 Million was stolen by the hackers from the DAO, Ethereum development divided the blockchain separately into 2 divisions.
In the 1st division, the users stirred by the theft could recover the Ethereum funds. Meanwhile in the 2nd division resumed upholding the initial variant of the block-chain record known as ‘Ethereum Classic.’
To this day, that specific Hard Fork incident is still a controversy amid the critics, practicing it as evidence of the unification concerning Ethereum‘s administration.
Fortunately, NULS is not as popular as Ethereum, so the hard forking step won’t cause much of a controversy for the company.