Contributors, Reporters, Bloggers, Editors: Syed Ali Husain,Khursheed Husain,Allan Ared,Omni Eye Centre
Greg Mailloux,Ngwisang Anyangwe
Debora Darden,Lester H. Mower,Baishiyin,Alan Llera,
Joshua McCloughan,Omar Alshahrani,
Crypto Hacking : Beware of Malicious Codes into EOS Wallets
Hackers injected EOS wallets with malicious codes which instantly activated the funds’ transfer function, which tricked the wallets into matching every transaction with an equivalent amount of cryptocurrency from its operational wallet. The cycle involved hackers sending transactions among themselves to elicit the wallets’ generation of cryptocurrency.
The illegal transactions were executed rapidly, depleting the EOSBets holdings in less than a minute. Each transaction is deemed to represent another 500 EOS entering the kitty of the hackers.
Barely few days after EOSBet’s self-acclamation of being the safest of its kind, hackers took advantage of a security flaw in its smart contract to loot 40,000 EOS (around $200,000). While trying to douse the enormity of the loss, a spokesperson of the company described it “a minor incident.” HardFork, which reported the hack quoted the spokesperson stating:
“A few hours ago, we were attacked, and about 40,000 EOS was taken from our bankroll, (..) this bug was not minor as stated previously, and we are still doing forensics and piecing together what happened.”
The company said the dApp had been taken offline to “figure out exactly what happened” and the bug which caused the “faulty assertion statement” in the code has been identified. The company maintained that the code had been audited ‘extensively’ by its development team and “multiple independent third parties.” They then promised to “harden” their security measures.
With the latest attack coming within the space of a month, the public trust is bound to wane. Hackers seemed to have exploited the transfer function just like they did during the first attack. The sake hash being used did condition the system to transfer huge amounts of EOS over again illegitimately. Seen as a knock on the developers of the code, which had been supposedly audited, many in the community will be left to wonder if the company can take proactive measures to prevent future attacks.
Having successfully carted away a significant amount on the EOSBet gambling dApp barely a month ago, hackers have found another loophole as they have struck for the second time, hauling away EOS tokens worth about $338,000. A screenshot of three illegal transactions showed the hackers’ account siphoning 65,000 EOS (approximately $338,000) from the operational wallet of the gambling dApp.
Problems that the DigitalBank Technology is solving:
1) Stop Hacking of Crypto Exchanges and Wallets.
2 ) Stop the loss of passwords, usernames and access keys to Bitcoin and Crypto accounts
3) Stop the Loss of Hardware Wallets and Paper wallets
4 ) Cryptocurrency custodianship for Institutional Investors, hedge funds and pensions, banks and investment firms
There are dozens of ‘hardware wallets ‘ none of them is fully secured, because they actually store the private key inside their device, so that they can be hacked and the private key extracted. The moment the hacker get the private key of your wallet, he can get the funds on the blockchain.
In addition all hardware wallets and online wallets involves a third party , it means the company that runs the hardware wallet holds backups of your private key, and as long as a third party has access to your private key, you are not safe, because your private key is found also in their hands and basically they can take hold of your crypto funds .
With the DigitalBank Device, there is no third party involved, because we never store or know your private key, at any given time. In the DigitalBank Device, the private key is not stored inside the device. There is nothing to hack actually. The device does not store and has no way to store private keys, therefore a hacking attack is totally impossible.
This is not only a super secured hardware wallet just for crypto storage, but it includes also a full financial crypto managing platform, that let you buy, sell, trade, invest and transform in cash your cryptocurrency holdings. The DigitalBank Technologywill bring the final solution to the public who needs to secure his digital assets and manage them easily on a simple interface.