Bitcoin Forum

Another ethereum hacked ICO :

http://thehackernews.com/2017/07/ethereum-cryptocurrency-hacking.html?


http://www.newsbtc.com/2017/07/24/yet-another-ethereum-ico-gets-hacked-veritaseum-loses-us4-5m/

What is happening guys ? eth platform not secured anymore or all ico owners are scammers ?

I think there is a problem with the ETHEREUM PLATFORM. I do not think all the hackings are inside jobs but there is a problem with the ETHEREUM CODE that need sorting out or people will loce confidence in this platform. I am surprised people only use ETHEREUM for these ICOS and does not use NXT which has been much more successful in the sense that their wallets are much safer than ETH wallets.

I'm not surprised that those ICO get hacked, Ethereum is an unsecure.

I agree ethereum platform have security problem , they need to fix it , otherwise it will be a MASSIVE dump this week = may be price can drop below 100$ . i'm dumping my eth coins everyday

I see lots of scam on ico slack account. Slackbot always showing message regarding the ICO whitelist thingy and providing instruction where user need to log in to mew wallet. Unfoetunately MEW link provided on slackbot message is a phising site that looks exactly like original mew but url ends in dot xyz instead of dot com. I think if there are people got tricked with that and signed up ising the said link had end up with hacked accounts.

I think they system is vulnerable to hacking activities and because of this many people has lost huge amounts of their risk capital to this hackers. Ether need to reorganize there tokens activities in other to build confident in the mind of Ethereum coins and token owners and lovers.

Etherum is not hacked ico's are hacked but by who maybe by ico's creator,mostly some services are hacked not etherum itself

All of the recent hacks have been due to programming errors or or bad security practices by the owners themselves, not the platform.

It is a real problem indeed but will only get solved over time as people burn their hands and better practices are acquired.

because it's shit. 

Lots of people here think that ethereum has a security problem but it doesn't have a security problem with its code. The problem the owner of those projects did not take precaution needed to keep their funds in secure. These are only wallet hacks.

If you create a smart contract you can not further modify it, you can only create a new one.

No developer is able to create perfect code at once: discovering bugs requires time and effort. This is easier if you have a large user base but on Ethereum when you have a user base It's too late to correct any bug.
So developing a good smart contract on Ethereum is harder and more costly than another piece of code on any other platform.

ICO investors get nervous when devs don't deliver soon; this brings to a paradox: tokens with higher market cap are probably the worst ones while those with a correct development cycle lose investors day after day.

Compare the infamous DAO that had great success with Chronobank wich is going way below ICO price due to a scrupulous development.

I know that there's a security flaw in Ethereum chain, but the main reason why they are hacked are not because of ETH platform, but by the dev themselves. The dev team of that coin is not careful enough to secure their ico funds the safest way. Even if that is the case, I won't say that all ICO owners are scammers just because of one being hacked.

Ethereum is a ball of shit that gets bigger and smellier by the day. Each day Vitalik and the other scam developers add a little more shit, and stupid people continue buying it

That is supposedly one of the reasons why there is a test network. In an ideal world these projects would spend several months in a public test environment with bug bounties and peer review to help strengthen their code before actual release.

Granted, you cannot test for every possibility even with the test network, but most of these ICO contracts don't even bother to go through that stage. Right now its just a money grab to hurry up and release a production contract to get their ICO going before the money train ends.

Investors really need to stop and think. If the project you are investing in just came into existence within the last few weeks/months and has offered no code to test or review, what makes you think they are going to do anything different with their final product or service (if there is even one)?

Personally I would be wary of any project that doesn't give at least 6 months (preferably more) of lead time before launching its ICO. Along with that requirement, there also should be plenty of opportunity to test the proposed production code in the Ethereum test environment well before said release to allow for as many eyes as possible to review.

It can be said that the new delevopers team is mostly weak in the field of security. This is the problem, they should still be unfit to run the project, but still impose to run it

Well I think not all platforms are perfect, there are problems that needed to be resolve or needed an upgrade.
Its not the team that has a problem so better the dev of ethereum platform will soon fix this to avoid all the loses of coins.

There is nothing to do with ethereum. It's usually related to simple hacking attacks like phishing.

I agree with you. Idea was great, but execution is not soo good.
It just needs a bit more time to mature, more code review would also be good.
It's all experimental so people know that they can lose money.

It was mentioned the veritaseum project that gets hacked by the way. But it's the veritaseum developer's fault and not the ethereum developer. The ethereum developer doesn't have a responsibility about the hacked case of the ico.

That is the disadvantage of the ethereum because it has a very low security and i think that they need to improve their security because it is a very big deal problem in the market because the professional hackers can make easy millions because of the vulnerabilities that they can see in ethereum.

Yes sir, I think this kind of security problem that causes investors feels worried, they must improving their security system, so that investors can feel safe and entrust their money on Ethereum network project.

Even I am getting some link telling about myetherwallet problem or something on some Ico I hope it was in coindash Ico slack group there is lots of hack happening on ethereum platform

Guys if you don't know anything about cyber security and hacking, don't write this bull***, you make people think wrong way. Money is stolen from stupid ICO people using website phishing tricks (google it if you don't know what phishing is), Ethereum is not hacked and there is no known security issue in its code at the moment, tell me one? Last known DAO hack was fixed, but still it was not direct hack of Ethereum's code, but the DAO itself. So people just should avoid bad ICOs and don't throw their money blindly. Scammers are everywhere, in all systems, especially in successful ones.

There will be more too.
I warned about this bullshit since day one.
What happens when you create a complicated convoluted heap of bullshit ?
It gets exploited.. easily.

ETH = SCAM
ICO = SCAM

Idiots that support ETH are scammy.
None of them do it because they know anything about crypto, computers, hacking, security or even coding.
They piled in here like open mouth drooling nitwits hoping to EXPLOIT Ethereum for a bit of profits.

Ethereum's original idea is stupid.. a gimmick ..destined for failure.
Which we have seen time after time.. as i predicted.

It's launch was a rigged scammy event in many ways.
From the centralized ICO same part of it to the mysterious millionaires who were buying them all up on launch day in 100 BTC chunks (as caught on the block-chain blatantly)

Then..
Later we seen the start of 2016 super spam campaign and coordinated mass market manipulation.
Then the dump.
Then they setup a buy wall for a year for $12.50.
No crypto coin was ever as stable LOL

ETH's history is a train wreck fo scammy bullshit from end to end.. far before it even launched.
For some inexplicable reason Coindesk would not shut the fuck up about it before it launched.
They kept running maaaaaaaaaaaaaaaaaaaaasive fucking stories on it when nobody in all of crypto heard of it.
And Coindesk had already been exposed for being shady greedy little frauds. (see Doge coin shenanigans)

Do you little chuckle fucks know what manipulation is and why it is bad ?
Let me give you noob kidiots a little hint ;)

Anti Money Laundering (AML) - FINRA.org
https://www.finra.org/industry/aml


What part of fraud don't you idiots understand ?

It's absolutetly normal that an emergent technology is full of flaws. Actually more than that, not just flaws but solidity still has a lot to grow about sintax, libraries and security. The thing is, this kind of "early stage" isn't safe for new programmers because of lack of information and the need of some experience to identify those flaws and avoid them. Most of the SC codes I see around are full of vulnerability and danger spots. It's time to be extra careful while the whole thing evolves, but when the technology is mature it will be awsome.

Actually the more simple the code is in a "coin" the less flaws there will be.
ETH was made to be an APP's system on a block chain used with "fuel tokens"
..a language etc made up and posted that has thus far been a problem.
It was not intended to even be a CURRENCY !
So it is by design more complicated and convoluted.
And there for of course far more likely to have bugs etc.

Smart contracts  :D

With these hacks we can be sure Ethereum price will drop because people will lose confidence in the platform. It isn't secure to hold eth...

Why all hacks happens on ETH based altcoins than?
If ETH is so good as you say.

It is 3 hacks for 3 weeks. And I am not mentioning network freeze.

Why Bitcoin altcoins is never hacked??

ETH smartcontract idea is not functional nor safe.

Blockchain has only 1 function and few smartcontract abilities as in Bitcoin. Its make payment and its good with Escrow multisignature markets. That's it.

Solidity and ETH is too complex. Complexity is why coders make mistakes and also after relise you cant fix anything...

It seems to me many hacks are not hacks but phishing attacks, and if that is the case then the technology its not at fault but users that do not take the right precautions when login into a site, and if the devs of a coin are not able to do just that, how can you trust them to develop good software.

This will definitely affect the reputation of ETH. There have been circulating allegations that ETH is not that stable and safe. The hacking events in the past days only prove that indeed the allegations might hold some water. There will be a backlash for ETH for sure because of this. ETH is second to BTC. BTC has never been hacked as I've read. If ETH is a legit second in the ranking of cryptos, then they should be as stable also. 

Such incidents will only continue. There are more and more ICOs starting on ETH blockchain and ETH is far from ready for that. We saw what happened with DAO.  New teams starting ICOs are less and less experienced and there are more chances to make mistakes.