Hacker stole $31M of Ether. Can this happen again?

[Aum Ram]

20 july a hacker pulled off the second biggest heist in the history of digital currencies.

https://medium.freecodecamp.org/a-hacker-stole-31m-of-ether-how-it-happened-and-what-it-means-for-ethereum-9e5dc29e33ce

Making anything available to anyone is quite a dangerous thing. Can this happen again? Who thinks about it?

[1715677725]

1715677725

[1715677725]

1715677725

[FACE 2 FACE]

20 july a hacker pulled off the second biggest heist in the history of digital currencies.

https://medium.freecodecamp.org/a-hacker-stole-31m-of-ether-how-it-happened-and-what-it-means-for-ethereum-9e5dc29e33ce

Making anything available to anyone is quite a dangerous thing. Can this happen again? Who thinks about it?

Ether is not like bitcoin. Ethereum is an entirely different ecosystem to work with and we should work judiciously to avoid these kind of consequences!! This space is still evolving and becoming and should become mature in terms of programming tools so that developers can avoid this kind of mistakes.

[junoreactor]

I am no expert on blockchain protocols, but it should be disturbing that these hacks keep happening.
Sure in the past there were some egregious mistakes made but I think that we can assume that the people building most of the software that gets hacked are somewhere between competent to expert. Yet they keep getting hacked.
This suggests to me that it is really hard to get these protocols right. This further suggests a problem in design. If only a few people in the world have a deep enough understanding of how to build reliable cryptocurrency systems there’s a problem. The problem is even worse if some of these people build system that end up being hacked. Luckily I am no holder of ETH but I feel for those who are. This should effect the price, surely?

[TwinTURBO2]

I am no expert on blockchain protocols, but it should be disturbing that these hacks keep happening.
Sure in the past there were some egregious mistakes made but I think that we can assume that the people building most of the software that gets hacked are somewhere between competent to expert. Yet they keep getting hacked.
This suggests to me that it is really hard to get these protocols right. This further suggests a problem in design. If only a few people in the world have a deep enough understanding of how to build reliable cryptocurrency systems there’s a problem. The problem is even worse if some of these people build system that end up being hacked. Luckily I am no holder of ETH but I feel for those who are. This should effect the price, surely?

I think that are lots of reason to believe that bugs in Ethereum have simply not been discovered yet.

[monkeydominicorobin]

20 july a hacker pulled off the second biggest heist in the history of digital currencies.

https://medium.freecodecamp.org/a-hacker-stole-31m-of-ether-how-it-happened-and-what-it-means-for-ethereum-9e5dc29e33ce

Making anything available to anyone is quite a dangerous thing. Can this happen again? Who thinks about it?

It is about the exploit in the parity wallet network. So yeah it will happen again somewhere. Phrase based wallet hack like the parity network incident was  made possible by creating phishing sites. I was fooled by one of those. Posing as myetherwallet while the phishing site is myethereunwallet.

[floaks]

For sure this will happen again. Contract developers should ALWAYS fully test their code and check for the latest vulnerabilities, several good sources for that. Also don't make the code too complex, for sure new bugs are introduced.

[ermaxinc]

This once again proves that the etherium code has many errors. It is for this reason that the etherium will never cost as well as bitcoin

[eaLiTy]

Luckily I am no holder of ETH but I feel for those who are. This should effect the price, surely?

This is an old news and the impact this had on the market was huge,the hacker just exploited a flaw in the network which gave him access to vulnerable wallets and i hope the planned upgrade will solve all the issue Ethereum is having and i wish everything goes well and smooth for bitcoin as well as Ethereum upgrade .

[aleksej996]

This will happen again, it keeps happening many times in Ethereum over and over again. The forked when the DAO was hacked, they might do it again in the future. Ethereum is a platform where people rush to make a development, this goes both for Ethereum core developers that develop the blockchain itself and smart contract developers that develop dapps. They don't test that much and are mostly just concerned with possible new fancy features they might add, there is weak security and stability in the whole system. It shows that Bitcoin never had a hardfork that took the majority of users even tho it is there for longer, it never had a common vulnerability in multisig transaction scripts like Ethereum. Bitcoin is more carefully developed so there is no need to worry about that at least. As for Ethereum, I tried to use it years ago and my node could sync up while I synced up Bitcoin Core multiple times, the code for Ethereum is very buggy.

[moooonu]

It's an old news as it was done weeks ago. Also they found security hole in the wallet but I think it's repaired now. Also anyone with good knowledge can find backdoors and security holes. None can say that it won't happen again.

[xFiber]

It's an old news as it was done weeks ago. Also they found security hole in the wallet but I think it's repaired now. Also anyone with good knowledge can find backdoors and security holes. None can say that it won't happen again.

You'll never know for sure if this will happen again I  the future. As long as the code isn't rock solid there will be room for clever back hat minds do exploit these flaws and run off with the money. The only way we can attempt to prevent hacks like this is to closely work with a team of white hat hackers.

[PrinceBTC]

To prevent the hacker from robbing any more banks, the white-hats wrote software to rob all of the remaining banks in the world. Once the money was safely stolen, they began the process of returning the funds to their respective account holders. The people who had their money saved by this heroic feat are now in the process of retrieving their funds.

kudos to the good guys -- "white-hat hackers"!! 

[Be_Happy]

I think that this can happen again and I'm afraid to keep my coins in my wallet. I do not feel reliable security in the electronic system and I transfer all funds to Fiat, so it's calmer for me.

[simrac]

This is old news ,  it happen on july , now october eth  price rising up $350 .

With new technology will release on next month i keep holding my ethereum on blockchain.info , i believe security 2 fa , myetherwallet  lost key lost everything.

[Nalbo]

It wasn't a fault on the ethereum blockchain, It's paritys fault that led to the hack. It's a blunder which made every users of Parity vulnerable.

[blazingshockwave]

It could happen again. as the other comment said it is a different environment. Even on their transactions. You keep paying the miners even if the transactions are not successful. You will waste your Ethereum for using as gas even the transaction is not successful.

[Anndrianno]

Unfortunately, yes - it certainly can- we are living in the era of cutting edge technologies, which are mixed blessing as they, put together introduce both a lot of advantages and new problems. On the one hand blockchain enables us to accomplish relatively cheap verified transactions with transparency, while on the other it's not a cure against hackers. Even worth than that- we are unable to get any money back by any wire transfer like with fiat money and regular banks. So that's exactly why this will go on happening... Unfortunately

[dumplingsandsushi]

Hackers will never go away.

This is a bit extreme, but if a hacker has the skills and knowledge enough to exploit a codes weakness and steal from people with unsecured wallets...does he deserve his loot?
Shouldn't the code have been more secure? Shouldn't people know the basics about securing your crypto?
Well, of course theft still sucks, but instead of worrying about hackers, secure your shit and use secure platforms.

Don't be the idiot that travels to a developing country, openly takes pictures with your iphone 8 while wearing a rolex, then blame the whole country of being a terrible place after your stuff gets stolen.

[Coldsnap4457]

This is old news about Parity.

This is bad news for Gavin Wood who helped write Parity and who is now running the Polkadot ICO.

How do we know that Gavin or one of the Parity developers didn't steal the $31M?

[cryptomato]

Unfortunately it can still happen. I'm following ETH hackhathons(where alt coin project team put some eth into one address and hackers try to get the money. aim is to prove how secure is the system) closely. and I can say that most of the time hackers are succeeding to get eth from the specified addresses. so it really concerns me.