Sunday, November 27, 2022

EtherDelta Token Exchange the Latest Cyberattack Victim

EtherDelta Token Exchange the Latest Cyberattack Victim

Another cryptocurrency exchange has been hacked. This time, the target was EtherDelta, a decentralized platform for trading ERC-20 tokens, and backed by a smart contract on the Ethereum blockchain.

Also read: Enterprise Ethereum Alliance Expands Reach With New Working Groups

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Several Thousand Allegedly Stolen?

While an exact amount hasn’t been determined, it is believed that several thousand dollars in token were stolen following an alleged compromise of the site’s DNS server. The attacker managed to spoof his (or her) domain, and thus gain open access to users’ wallets.

The company explained on Twitter:

The platform also posted a follow-up message telling customers to “BE AWARE – the imposter’s app has no CHAT button on the navigation bar, nor the official Twitter feed on the bottom right. It is also populated with a fake order book.”

EtherDelta Theft One of Many

EtherDelta’s “several thousand dollar” losses might seem laughable to cryptocurrency fans these days, accustomed to reports of multi-million dollar heists. However it’s just the most recent in a long line of similar events.

Just days ago, word spread that South Korean bitcoin exchange Youbit was hacked for the second time this year, by attackers allegedly in North Korea.

The company wound up losing nearly 20 percent of its assets, and questions surrounding the platform’s security have been too much to handle. The exchange has announced it will soon cease operations and file for bankruptcy protection.

Previously, cryptocurrency hardware company NiceHash began moving over $56 million in bitcoin after it had allegedly lost over 4,700 coins to an unknown assailant. The company experienced heavy periods of downtime and left users in the dark for hours before finally informing them of the security breach.

“Our payment system was compromised, and the contents of the NiceHash Bitcoin wallet have been stolen,” the company explained in a statement. “Clearly, this is a matter of deep concern, and we are working hard to rectify the matter in the coming days. We are fully committed to restoring the NiceHash service with the highest security measures at the earliest opportunity.”

November was also marred by a Tether attack that ultimately saw $31 million in the cryptocurrency vanish into thin air.

Could Things Get Worse?

EtherDelta logo

EtherDelta is known for the wide array of currencies it offers for trading. Presently, says the trading volume on EtherDelta exceeds $11 million a day, thus ranking it among the top 75 trading sites in the world.

Users on the site have been assured that their funds should remain safe granted they wait for more information and don’t use the site right away.

Bitsonline will continue to bring you updates as this story develops.

Are there likely to be more cyberattacks in the future? Post your comments below.

Images via Pixabay, EtherDelta

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