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A whopping $32 million worth was made off in cryptocurrency Ether by unknown hackers. The hackers somehow managed to find a vulnerability in Parity Wallet that offers users services to keep crypto currencies. The hackers on discovering the bug managed to take away 153,000 Ether in three separate transactions.
A group of white hat hackers took notice of the ongoing happenings who happened to save approximately 377,000 Ether of an estimated worth of $75 million using the same exploit from the thieves.
In a separate theft, an estimated value of $10.3 million in Ether was stolen from trading platform CoinDash. It was not the first time that such attacks have hit Ether market, In June 2016 an attempt to take $53million in the cryptocurrency from venture capital fund Decentralised Autonomous Organisation.
According to the Ethereum co-creator, Charles Hoskinson’s due to the increase in initial coin offerings, Ether and other cryptocurrencies have turned into a “ticking time bomb”, with people blinded by fast and easy money.
People are unaware of how the hackers have previously very conveniently walked off with billions of dollars in these digital currencies. With mad investments in the crypto market, it is worth an estimated $100 billion, despite lacking regulations and having many security holes.