Attacking Ethereum seems to easy

CryptoGuru Level X³

December 11, 2016, 12:28 pm

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I am getting a bit upset not for myself but for the investors who are in Ethereum. I have made a few topics about attacks that have been done in the past few weeks and it seems like it has not subsided yet. Four days ago another attack on Ethereum took place and this time hackers made away with less than 1 million worth of crypto. The person who was robbed was Bo Shen a successful business man and entrepreneur. They actually stole his phone and all of his emails and crypto currency accounts. They are making it look very easy to hack ETH and people are getting super spooked. This is like the 3rd hack in less than 3 months im pretty sure they have broken the record for amount of hacks that have been done to any crypto.

Could this type of hack be avoided? I would say absolutely! Keeping hundreds of thousands of dollars on crypto wallets stored on your phone is just a stupid idea. Money certainly does not make you smart and this proves that. I would have to say cold storage would have saved this guy from being robbed. You should never keep your wallet on you because if people know you have it they will try and steal it just like paper currency. Just because crypto allows you to carry a ton of money and not take up alot of space does not mean you should keep a million dollars on you lol.

Ethereum is done man if this is not the final nail in the coffin its coming soon especially if they do not fix this problem ASAP!

As always thank you for reading please don't forget to follow me and like the topic.

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Lynne

Lynne

OMG that is a little silly isn't it? And that is one thing that makes me quite nervous about cryptocurrency, surely it is quite easy for people to just hack into your things and steal it?

Or maybe I am naive and it is the same as hacking into your bank account online?

Yes I totally agree with you that walking around with 1 million worth of cryptocurrency on you is not the brightest move. I don't even carry any cash on me since it is dangerous.

10 years ago

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CryptoGuru

CryptoGuru

Lynne this guy was not really being smart with his money. This is actually not a hack more than its a robbery. They didn't hack anything they stole his phone which contained all of his wallet and just dumped a bunch of coin. I would say its easier to hack a bank then it is the block chain for sure. The reason you don't see bank hacks like this all the time is because it is to easy for the law to follow the money back to you. You cannot hide the stolen money and that is the reason why crypto is always being targeted.

If he would have had cold storage inside of a safe he would have been fine. The beautiful thing about crypto is that you can walk around with millions and nobody will know unless they steal your wallet. The Keepkey i have is 100% safe from theft you need a code to get on it. Even if they did steal it i could just buy another one and retrieve my funds to the new one. that is the beauty of Keepkey.

I agree with you walking around with cash is dangerous. I use to walk around with no less than 5,000 everywhere i went. The difference is i was well known in my city and nobody would rob me. I always had trouble pulling the wad of money out every time i wanted to buy something. If i had crypto it would just work with a swipe of a card or phone. Im sure this guy learned his lesson.

10 years ago

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Cristian

Cristian

1 million worth of crypto - Jesus! But how the hell did they manage to steal his actual phone? I mean what are the chances normal thief will understand crypto currencies.
Also, why did Bo Shen invested so much money into Ethereum? Can such a hack be possible on Bitcoin or does BTC have stronger security systems in place?

Overall I agree, this may well be the death of Ethereum, they had some many problems its not even funny anymore, its a shame really, I thought it had some great potential.

10 years ago

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CryptoGuru

CryptoGuru

They had great potential honestly the problem is they cant get it together. I don't think this was a normal thief or a normal robbery. This man was targeted because he kept his money on his phone and whoever got him knew that he was holding a large stake in ETH and a few other coins. Yes if you have your Bitcoin on your phone and someone steals it they can send all that BTC to another wallet of their choice. I do not know all of the details on the strong arm robbery that took place all i know is that no matter how much money you have you cannot fix stupid. You would think someone like this would have cold storage rather than having this type of money on the phone. Bo Shen has been involved with ETH for a long time this is no new investment that he made lol.

10 years ago

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Corzhens

Corzhens

I don’t have an idea what Ethereum is but with hacking, that is a hot issue nowadays. Have you heard of the hacking last year of the account of the Bangladeshi central bank in a depository in New York? The hackers almost walked away with millions of dollars. But the RCBC bank in the Philippines got involved because from New York, the money was transmitted to the Philippines and withdrawn by people connected to the said bank. Anyway, if Ethereum has been hacked and not just one time then the people behind that website should be on their toes.

9 years ago

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Gabriellawhite

Gabriellawhite

There’s nothing that can’t be broken into as far as it is programming language that’s been used in creating or transacting ... to safe yourself from hackers is to use the service of a hacker to get in the safe side , as we all know that our own government files and projects are kept safe by this hackers
in need of a good private investigator and a black hat professional hacker you could just contact gabywhitehacks on icq -746070935 or gabywhitehacks @gmailcom

8 years ago

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