Tech

He hacks $1 million in cryptocurrency and forgets to get it back, well done champ

A hacker took advantage of a flaw in the YEED cryptocurrency management system to steal the equivalent of $1 million. Thanks to the successive and massive purchase and resale, the user was able to generate reward tokens which he kept in order to constitute his loot. Unfortunately, at the end of the attack, the latter forgot to recover said loot.

pirate yeed bravo champion

The cryptocurrency sector is experiencing a marked increase in interest on social networks. Rather appreciated, well thought out and modern, it delights more and more people. However, cryptocurrencies and piracy have always been linked, cybercriminals set up schemes to get rich. The very complex systems on which they are based have various flaws that hackers exploit. We had further proof of this a few days ago with this hacker who managed to steal $182 million in Etherium. On April 21, 2022, the decentralized finance (DeFi) ecosystem witnessed one of these attacks.

Also Read – 91 NFTs Worth $2.8 Million Stolen By Hacking Instagram Account

A hacker took advantage of a flaw in cryptocurrencies called YEED. By carrying out multiple transactions (successive purchases and resales), he collected reward tokens. These tokens, in principle divided by three, were found here whole and returned to him directly. Thus, by continually buying and reselling, the hacker was able to generate a large amount of reward tokens. These were entrusted to a “smart contract”, a computer program that runs without the intervention of a trusted third party. Until now, the attack was carried out by a master’s hand.

He manages to steal $1 million but forgets to get his loot back

Unfortunately, he made a mistake. Which ? That of forgetting to recover his loot. Indeed, that contract included a self-destruct function to erase all traces of his attack. However, she was employed sooner than expected. That is to say, before having recovered the funds collected during the transactions. It is therefore a loot of a million dollars stolen which finds itself blocked on a completely inaccessible contract, whether by the hacker or anyone else.

This attack could therefore seem without consequence or misfortune. And yet, this failed attack, based on the massive resale of tokens, has radically brings down the price of the YEED, which is no longer worth anything. Indeed, the repeated and massive exchange helped create a large number of YEEDs that the hacker resold. As the supply was then greater than the demand, the valuation of the cryptocurrency collapsed. So this is bad news for cardholders.

Source : Corner Newspaper

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