NULS Blockchain platform has become the latest victim on the success list of crypto hackers after a security breach leading to the theft of about $480,000 worth of NULS token.
According to an official announcement about the situation on Twitter, NULS said that the hackers compromised the account of the NULS team, and a total of 2 million tokens was stolen, which is about 2% of over 73 million tokens in circulation.
Cause of Attack And The Next Step
Out of the stolen 2 million tokens, 548,354 tokens are already flowing in the trading market, rendering them untraceable. To prevent the hackers from cashing out the remaining tokens by pushing them into the trading market, the NULS team said they would conduct a mandatory hard fork at block 878,000 to destroy the tokens permanently “ASAP.”
Although there is currently no exact schedule for the upgrade, NULS said in its written statement:
We have contacted the exchanges, and they are cooperating with us actively. We are fully preparing the hark fork process and will release it as soon as possible. Sorry for the inconvenience.
NULS further noted that the cause of the attacked could be traced to the security vulnerability in version 2.2 of the NULS protocol, which has now been fixed. Node owners are, therefore, required to upgrade to the latest version to prevent further attacks.
The Price Reacts Slightly
Unpleasant news like a security breach is one of the fundamental factors that affect the prices of tokens in the crypto market. Fortunately for NULS token, the hack has had minimal effect on its price so far. At the time of writing, the cryptocurrency is down by only 1.62%, trading at around $0.24.
Given the fact that NULS will undergo an emergency hard fork to handle the situation, it’s worth noting some of the other important updates with other prominent blockchains.
Ethereum foundation announced today that it’s upcoming “Muir Glacier” upgrade will occur at height 9,069,000, which is expected to be January 1, 2020, to fix the Ice Age delay mechanism.
Bitcoin Satoshi’s Vision (BSV) Genesis hard fork is scheduled to take place on February 4, 2020, to implement some important improvements. After the upgrade, however, BitGo users will not be able to receive BSV transactions with their Bitgo wallets due to compatibility problems. Users are therefore advised to convert their BSV to Bitcoin or transfer their funds to external wallets before the hard fork.
Source Credit: CryptoPotato