$200,000 Worth of Ethereum Stolen in EtherDelta Hacking Incident

The hack follows that of Youbit which was forced to close after second hacking incident in eight months.

Parity was Warned About Critical Bug that Left $162m in Ethereum Frozen

Cryptocurrency has come and changed the lives of many people this year. The tenfold increase of Bitcoin value, the rise in the number of cryptocurrencies and the ICO offerings have all been positive news for the industry. But there has also been bad news as the number of hacking incidents increased. And it seems the bad actors, well have acted again.

Popular cryptocurrency exchange EtherDelta was recently targeted by hackers. The firm is listed in the top 75 trading platforms in the world. It is said to have an approximate trading volume of at least $11 million every day, according to records. The firm tweeted a warning to its customers on Wednesday to stop using the website as they believed it has been compromised by hackers. The company then later confirmed that the cyber attackers had managed to get hold of the company’s DNS server.

Writing on their Twitter account, the company wrote that they had reason to believe that some malicious attacks had been initiated. The attacks were targeted towards the DNS server of the of the firm. The firm then warned users to not use the website as they were doing some investigations.

While investigating the hack, the company decided to briefly suspend their services. After the investigation, the firm managed to put the site back up without any problems. However, it seems the hackers managed to get away with $200,000 worth of Ethereum. The hackers had managed in spoofing the EtherDelta site and cat phished the site’s users. Customers were sent to a fake phishing site, upon which they would be asked to send their tokens to the attackers.

Several reports indicated that the hackers had managed to get away with 308 ETH tokens, which amount to $240,000 at the going rate. However, the company itself is yet to confirm or deny that the hackers had managed to get away with some of the customers’ funds.

The hacking incident closely follows that which happened in South Korea against Youbit. The South Korean based agency was forced to shut down as a result, and they promptly filed for bankruptcy. The attack was their second in the space of eight months, and the company apologized to its customers.

Analysts are in agreement that the rise in Bitcoin and other related cryptocurrencies has led to the increase in hacking incidents. Cybercriminals are all of a sudden interested in the digital currencies. As more and more hacking incidents are happening, authorities will have to do something sooner. At the going rate, we might see a hacking incident every day in 2018.