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?

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[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.

[tanghere02]

Yes it could happen especially when you have logged on to a phishing site, so basically before making any transactions we have to be very careful because we can't afford that to happen. And once our holdings will be gone, we can't retrieve them back for sure. These hackers are growing and they are getting good at it as well.

[aleksej996]

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.

I don't know about that. They forked before when there where hacks, that definitely motivates projects to race in the fast development field more then testing the code and paying attention to security. This isn't the only time, it keeps happening again and again. The whole platform takes a very laid back approach to security and is very focused on pumping out new shiny features.

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

Etherum seems more like a bleeding edge technology then a cutting edge tech. Bitcoin is cutting edge, it can do many things and it has potential to do a lot more, it is just more tested and is focused more on security and stability, but there is many OP codes that are left to be added with a soft-fork. Satoshi thought about many things when he started the blockchain, there are many things that just haven't been implemented yet for security and stability reasons.

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.

It should be developer's responsibility to make secure code and hacker's responsibility to report vulnerabilities when they find them. You need a little bit of an overlap to insure the quality of development, but I agree with the sentiment of your post, that developers are very much to blame here.

[ntb85]

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.

good to knowww 

[letecia012]

If this happen again there will be no reason it will not happen again. only times know

[12retepnat34]

Every time hackers want to hack every cryptos that they want to hack and this can be happen every time but no one will get  caught because it can be trace unless they will take responsible for that action! and what happen to that stolen ethereum?

[dirgayeah]

So the matter is hacker (black hat hacker).
In cryptocurrency the hole and bug is still existing and this become a chance for hacker to put exploit on it. With this accident i hope ethereum developer is looking around for a bug ni each node and block. Because the hacker is still try to stole it. They are always do it in replay attack.

[rube08]

I just read the story and good job to the other hackers that stole money safely so that the bad hackers couldn't steal it. They are returning the money.

[StockBet.com]

It will likely happen again because there are several ICOs that want to do what shouldn't be done.

These ICOs want to create banks or investment funds, which will centralize money, like the way exchanges and DAO did, to attract hackers or employees to steal.

[weav]

It will likely happen again because there are several ICOs that want to do what shouldn't be done.

These ICOs want to create banks or investment funds, which will centralize money, like the way exchanges and DAO did, to attract hackers or employees to steal.

Exactly this , when there is so much money in play alot of people will try to take it.

[vozphongtom]

everything can happen , so everything need update , if you update slowly you will lost your money.

[nomad1109]

It's such a young technology that these things will happen. One should however distinguish between faults on the tech side and on the user side. A lot of the time when crypto gets stolen it's due to the user being stupid and pressing links or downloading stuff which is obviously risky. So it's very much up to the user to treat their computer like a wallet, and not just "keep it laying around on the counter", so to speak.

[DanWalker]

I think it's not a question about hacking opportunity, it's about when will this happen again. All hacks are possible just because of human factor.

[ask]

Using a ledger will make you safe. It will keep your coins safe and secure. If you have 100 Ethereums then you can spend few bucks to buy a ledger.

[onesalt]

Using offline wallets, even more trustable ones, will reduce the risk. Yeah, it can happen again anyway.

[wissy]

Its quite possible that it will happen again. On the internet everyone is vulnerable and can be a victim of a hacker. Since now scams and hacks are becoming more and more sophisticated, there is a high chance that we will read about this kind of stories all the time.

[Baofeng]

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"!! 

Yup, the white hackers seeing the vulnerabilities as well, moved all the funds to a safe location. However, the black hackers was already stolen a huge chuck of the money already.

Its quite possible that it will happen again. On the internet everyone is vulnerable and can be a victim of a hacker. Since now scams and hacks are becoming more and more sophisticated, there is a high chance that we will read about this kind of stories all the time.

As much as we are evolving this technology, hackers as well are doing everything to find exploits and vulnerabilities so I think it could happen once again. Its really sad though to see hackers stealing money out of the unsuspecting victim. That's why its very important to patch things up before some hackers find the weakness and steal our money.

[hefjor]

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?

For it me it could be possible to happen again because in the next era many hacker or attackers could build their own software to bypass the security of the said wallet because they will pay much more attention on this because in the next generation crypto currency will be the most important thing sooner

[Aamir1]

It has been proved with the time that ETH network is not totally safe, or maybe not safe at all, because hackers have been successful in exploiting the network more than once now. So people having or using ETH are really concerned with the situations occurring lately and it must be a very difficult time for the developers, but they should do something for this, as if this keeps happening, the coin won't have a safe future and people will stop using it forever if they feel their money is not safe in it.

[Rahip]

This can happen again, there is weak security and stability in the whole system.

[silent17]

I think it will, but I really hope it will not happen again. I hope that crypto dev can create a tracker to track down those theaves and put them in bars so they can't do bad things anymore.

[aleksej996]

I think it will, but I really hope it will not happen again. I hope that crypto dev can create a tracker to track down those theaves and put them in bars so they can't do bad things anymore.

Wow. You are calling for lack of privacy here. This is some centralization right there. If you know who is making which transactions then the government is in charge, not really decentralized fair system we had in mind. Also, these 'thieves' didn't hurt no one nor broke any law. They did what the smart contract allowed them to do, they just found a loophole. But as far as the blockchain and the smart contract is concerned, this was perfectly valid and legal.

We really shouldn't let governments get involved in this technologies, this was created to escape their grasp and control. You can't have complete control of your money and have someone protecting you when you are irresponsible. With power comes responsibility.

[daglordjames]

I think it wouldnt get hacked if they secured more to ether so that it wont happen again and if they keep up i think.

[Elsonbol]

of course, now there are a lot of hackers who want to earn, every day it is more of them, and they look for holes as to crack something and to take away, and they don't become less but only it is more. not who won't give a guarantee to you in network on your finance.

[rumexx]

No I do not think it will happen again because Ethereum was able to discover the lapse that was created by their developers during Ether script development.  According to them they use the same method used by the hacker and hacked out the remaining Ether and then fixed the bug.

[BCEmporium]

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?

This will happen for as long as people don't start paying very close attention to the links they are clicking on etc.

People never seem to learn from all the past cases of phishing attacks... so hackers will keep doing it since it's highly profitable and quite easy.

[tam31]

Everything is possible nothing can be fully secured. I will not be surprised if bitcoin is also hacked in the future. We need to stop these so called hackers to steal our coins.

Maybe we can take action together ? Or we could trace their accounts and ban them.

[joshmontford]

It could definitely happen again - especially if you don't use the proper internet protection. If you know to not install random stuff from the internet, you are fine. And especially if you use some kind of a cold wallet, you are fine.

[Celebrity]

Everything is possible nothing can be fully secured. I will not be surprised if bitcoin is also hacked in the future. We need to stop these so called hackers to steal our coins.

Maybe we can take action together ? Or we could trace their accounts and ban them.

People are still getting caught by pishing scam attempts. They don't act carefully and they lose their wallets. That's why having a secured wallet and computer is important to be in safe side.

We can't take action, they're anonymous.

[pitiflin]

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?

A hack like that has a very less chance of happening yet again but you never know programmers are so smart that they somehow find a loophole in the code or software and they use it as a leverage, so no one can promise you that such a thing will happen again or not. And one might wonder why they do so, one is a easy guess, for money, other one is that they just want recognition or they want to hack it just for the sake of it.

[BCEmporium]

Everything is possible nothing can be fully secured. I will not be surprised if bitcoin is also hacked in the future. We need to stop these so called hackers to steal our coins.

Maybe we can take action together ? Or we could trace their accounts and ban them.

People are still getting caught by pishing scam attempts. They don't act carefully and they lose their wallets. That's why having a secured wallet and computer is important to be in safe side.

We can't take action, they're anonymous.

The same has been happening with traditional banking, emails, Paypal, etc. for a long time too. It's really nothing new. I'm sure this kind of problem existed hundreds and even thousands of years ago as well.

[sthgaurav]

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.

That's really interesting stuff.. So its not safe.. 😣

[sthgaurav]

Everything is possible nothing can be fully secured. I will not be surprised if bitcoin is also hacked in the future. We need to stop these so called hackers to steal our coins.

Maybe we can take action together ? Or we could trace their accounts and ban them.

People are still getting caught by pishing scam attempts. They don't act carefully and they lose their wallets. That's why having a secured wallet and computer is important to be in safe side.

We can't take action, they're anonymous.

The same has been happening with traditional banking, emails, Paypal, etc. for a long time too. It's really nothing new. I'm sure this kind of problem existed hundreds and even thousands of years ago as well.

You mean bank joins haha

[BCEmporium]

Everything is possible nothing can be fully secured. I will not be surprised if bitcoin is also hacked in the future. We need to stop these so called hackers to steal our coins.

Maybe we can take action together ? Or we could trace their accounts and ban them.

People are still getting caught by pishing scam attempts. They don't act carefully and they lose their wallets. That's why having a secured wallet and computer is important to be in safe side.

We can't take action, they're anonymous.

The same has been happening with traditional banking, emails, Paypal, etc. for a long time too. It's really nothing new. I'm sure this kind of problem existed hundreds and even thousands of years ago as well.

You mean bank joins haha

I'm sorry, but what? I don't understand what you mean.