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

One of the largest alleged scam projects in the cryptocurrency world, a recent report shows that over $100 million worth of Ethereum was transferred from a company wallet to an unknown.

$100M In ETH Transferred From PlusToken

The popular cryptocurrency monitoring resource, Whale Alert, recently caught a large transaction of 789,525 ETH worth over $105 million at the time. What’s conspicuous about it is that it originated from PlusToken’s wallet.

The transaction took place earlier today; however, the recipient address is unknown. As already six members of the initial team have been arrested, the community speculates that at least one is still at large and is currently accessing the funds.

PlusToken’s Alleged Scam History

PlusToken saw the light of day as a cryptocurrency wallet that can actually generate high rates of return to its users. All they had to do is purchase the PLUS crypto tokens with Bitcoin and Ethereum, and the returns would be generated by “exchange profit, mining income, and referral benefits.”

Even though this might sound fishy at the moment, PlusToken became popular in China, being listed on several exchanges in the country. Moreover, it reached a price of $350 per token before it started melting down as the community began noticing irregularities and authorities started cracking down on it.

Beijing claimed that PlusToken is an illegal Ponzi scheme, and Chinese law enforcement went to Vanuatu to make the mentioned above arrest of six people. Later, the police officers deported all of them to mainland China.

After the arrests, a Chainalysis report tracked at least 800,000 ETH and 45,000 BTC being transferred from PlusToken official wallets to the scammers’ own addresses to launder. It also says that another 790,000 ETH were untouched in another wallet, which could be today’s major transaction.

Is PlusToken To Blame For The Price Crash?

The cryptocurrency market lost around $12 billion of its total market cap after a few consecutive days of negative price movements. Bitcoin’s price, for example, touched $6,400, while Ethereum went below $120, Litecoin was at $35, and more.

The same report was released a few hours before the price decline began, and it also shows that liquidations of such a notable amount of cryptocurrencies could be behind the drop.

According to it, the scammers had cashed out $185 million worth of stolen digital assets using OTC brokers. However, Chainalysis couldn’t confirm for sure if the liquidation is to blame for the price decline but noted that it was plausible:

Source: Visit

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