It’s happened again, folks. Another blockchain was ransacked by hackers who have made off with quite a bit of digital money. This time around, the victim is NULS, a token that’s reporting losses of nearly $500,000 at press time due to the hacker activity.
NULS: Another Target of Thieves
The NULS team took to Twitter to tell enthusiasts and traders about the trouble they were facing. It appears as many as two million tokens were stolen, which at the time of writing, amount to roughly $480,000. It is also being reported that more than half-a-million of the lost tokens have already been liquidated through assorted cryptocurrency exchanges. Thus far, the hackers have sold more than $131,000 of the overall total.
The NULS team says it’s looking to hard fork its blockchain as a means of permanently freezing the stolen amount. This means that the hackers cannot trade or sell the remaining stash as the hard fork is set to create an entirely new cryptocurrency, rendering the old tokens useless. This same kind of tactic was utilized in 2016 when Ethereum suffered a DAO attack.
NULS has been largely unaffected by the event, and the price is remaining relatively constant, though to be fair, it doesn’t seem like there was much to NULS in the first place considering it’s down more than 90 percent from its all-time high. Executives are saying that the hack was due to a bug in the 2.2 version of NULS software.
2019 has been a nasty year for hacks and scams. Arguably the biggest fraud event that comes to mind is the Chinese Ponzi scheme Plus Token, which may have cheated investors out of as much as $3 billion at press time. While much of the money remains untouched, it seems that several of the scammers still possess wide arrays of cryptocurrency in their wallets – predominantly Ethereum – which means that they could potentially manipulate prices later down the line.
Furthermore, while $480,000 may seem like a big number at first glance, the NULS hack is relatively small in comparison to some of the other attacks that have occurred over the past 12 months. In May, for example, Binance – the world’s largest and most popular cryptocurrency exchange – suffered a hack that saw more than $40 million in BTC funds disappear overnight.
Executives later claimed that while they had the reserves to ensure all losses were covered, the attack still “hurt.”
Are Hackers Getting Smarter?
Another major hack occurred just over a month ago through Up Bit, a high-ranking cryptocurrency exchange based in South Korea. Overall, the platform reported nearly $50 million in Ethereum losses, and much of that money has not been retained.
While many exchanges are upping their security tactics, hackers are proving more capable of weaving their way through software vulnerabilities.