It would be naive to think that such great invention like blockchain technology wouldn't attract black-minded individuals, to stay completely fair then we all do remember how in the early days of bitcoin majority of activity associated with it came from Silk Road or sites of the kind. It does pain to see how our revolutionized apparatus is being attacked by nobody else but hackers and the latest bug allowed them to exploit multi-sig smart-contracts associated with many of the ICO wallets while draining those for hundreds of thousands of Ethereum blockchain value-tokens which are valued at close to a hundred million U.S. Dollars.
Hackers Steal Over $50,000,000 Worth Of ETH Via Multi-Sig Exploit
Earlier this week rumors started to spread how an unnamed ICO got hit for over $21 million dollars worth of ETH but the ICO remained anonymous in order to avoid any sort of mass panic in the fresh initial coin offering market that is powered by the Ethereum blockchain. Unfortunately, ETHackers did not stop there and have since been confirmed to have attacked at least two more offerings. CoinDash was hit for at least $10 million dollars but the actual loss might be even bigger. Another ICO that got its funds swiped estimated losses to the range of $30 million dollars but once again the real damage might be much higher than that.
White-ETHats To The Rescue!
Shortly after initial report of a newly discovered bug being exploited by the blackhat(s) a REDDIT post appeared from a noble group of knights calling themselves The Whitehat Group and they had left a notice towards having drained vulnerable wallets for close to $84 million dollars worth of value-tokens in order to prevent any further attacks and asked everyone to stay patient while they are working on setting up new multi-sig contracts that do not have the vulnerability in it. There could be arguments made towards TWG should not have been draining wallets but reaching out to the developers of the ICO's while guiding them through what to do rather than executing everything on their own but due to this exploit being very trivial in nature there was limited time on the hands and any delay could have resulted in even more attacks than already had taken place. At the end of the day, as long as all of the ether drained by The Whitehat Group gets returned to the original owners then we must praise their nobility and kindness because as we can clearly see then there are other human beings who do not care how they acquire their wealth, even if it comes at the great expense of others.