Despite umpteen numbers of mechanism to firmly deal with the hacking menace, the hackers keep striking in the cyber world making money to leave millions of people poor indeed.
Yet another hacking incident rattles the cyber community where the attackers are said to have stolen a huge $8 million from a blockchain network.
The sensational hacking incident took place at KICKCO blockchain network where the cybercriminals siphoned off nearly $8 million leaving even sensitive cybersecurity agencies and experts in a state of utter cluelessness this week Cybersecurity experts have called it an incident of security breach in the Initial Coin Offering (ICO) project which resulted in the theft of 70 million KickCoins this week.
The blockchain networks allow the users to conduct ICOs, cow investing and cow funding campaigns. The cybercriminals struck immediately after they had the access into the crucial key of the smart contact attached to the KickCoin that allowed them to get the access into the entire project to strike without any hindrance before stealing the huge amount to the tune of $8 million.
The company experts called it a rare incident of cyber attack where the criminals managed to get the KickaCoin smart contract in their possession before damaging the tokens attached with more than 37 addresses to create new ones of the same amount to be diverted.
Stunned by the incident, the team of experts at work with KICKICO successfully regained the control over the entire project and replaced the tokens and addresses used by the hackers. Private keys were then made inaccessible.
The authorities, further, reimbursed the all affected addresses. KICKICO blockchain network then came out with a clarification admitting the incident of the security breach.
According to what they say the authority came to know all about the incident only after going through Complaints of the victims.
Now the cybersecurity experts who keep doing research on the security breach incidents, blame it all on the increasing Bitcoin value for the steep rise in the cyberattacks against ICO projects and cryptocurrency exchanges.