Hackers steal $8 Million of Ethereum

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Hackers struck the Ethereum platform stealing more than $8 million worth of cryptocurrency in the second Initial Coin Offering (ICO) heist.

An ICO is an unregulated means of crowdfunding in which cryptocoins – or future cryptocurrencies – are issued in exchange for bitcoin or other current cryptocurrencies.

Last week, $32 million worth of Ether cryptocurrency was stolen when hackers gained access to the Ethereum network and attacked three separate company accounts.

The firm’s founder, Reggie Middleton said, “We were hacked, possibly by a group. The hack seemed to be very sophisticated, but there is at least one corporate partner that may have dropped the ball and be liable.”

“At the end of the day, the amount stolen was minuscule (less than 00.07 percent), although the dollar amount was quite material,” he added. “There are 100 million tokens issued, the hackers stole about 37,000. As I said, it is quite disconcerting, but it is not the end of the world.”

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