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A Hacker Allegedly Stole $32 Million in Cyptocurrency - Webroot Comment

July 2017 by Tyler Moffitt, Senior Threat Research Analyst at cybersecurity firm Webroot

Following the news that a hacker has apparently stolen over $30 million of Ethereum. The commentary from Tyler Moffitt, Senior Threat Research Analyst at cybersecurity firm Webroot:

“This latest incident has serious ramifications. In fact, ETH price has actually taken a dip, and is likely due to the uncertainty around this breach. Hackers exploited a vulnerability in multi-sig wallets from Parity – drastically different from the ICO CoinDash hack that happened earlier this week. While the hackers were making the transactions, there was also an unknown white hat group that actually used the same exploit to drain ether from other Parity multi-sig wallets into different wallets to save them. The white hat group was able to save over 377,000 ETH which is about $75 million. The current advice for businesses using Parity’s multi-sig wallets to move their funds to other wallets ASAP. If your accounts have been drained, then I recommend also checking the white hat address as it may have been saved.

The key takeaway from this hack is that we’re still exploring the Ethereum space and wallet security is more important than ever. As a threat researcher, I personally recommend hardware or native wallets (desktop wallets); they are the most secure, as you are in control of any transaction. Do NOT store lots of currency in exchanges that control your private address. Only use them to make trades then back out to safe addresses.”


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