Current Affairs 2019-20 An Attack on Nuls teams: Hackers ste - Study24x7
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Current Affairs 2019-20 An Attack on Nuls teams: Hackers steal $4, 80,000 Nuls from the account

Updated on 15 February 2020
SSC Preparation Strategies & S
6 min read 0 views
Updated on 15 February 2020

The hackers are continuously trying to steal the cryptocurrency and release it into the market for a few days. Now the platform is looking to develop a hard fork so that the stolen funds could be frozen. An account belonging to a development team of blockchain has taken $4, 80,000 Nuls. Nuls is the token that the team purchases.

Today morning the Nuls team had confirmed this new by posting about the stolen token from their account on tweeter. The team has also confirmed this news. That the tokens equal to $1, 31,600 have been liquidated from the account to the market. It is done with the help of a cryptocurrency exchange.

Early in the morning, the Nuls community has received a message by the Nuls team stating that “The account was hacked and 2,000,000 Nuls has been transferred by the hackers from which approx 548354 Nuls has already entered the market.”

The message also states that “Now a hard fork will be conducted soon so that the remaining Nuls will not be able to enter the market and cause a huge loss for the traders.”

The message has also specified the reason for hacking. “That because of the poor security of the Nuls, the hackers were able to steal these tokes. The security vulnerability has been fixed now.”

  • Now, the hard fork process will be conducted soon to increase the security of the tokens. The developers also asked to upgrade the version to avoid further inconvenience in the future. The Nuls team will help to freeze all the stolen tokens quickly. It will also decrease the chance of loss to the community.

  • Now, the Nuls network participants must upgrade their version as soon as possible because the hacking was conducting because of the poor security of version 2.2.

  • The decision of the Nuls team is almost similar to that of ethereum developers in 2016. They had dealt with the same kind of situation when the hackers had hacked “The DAO”. 

  • It was an autonomous organization and was decentralized. Smart contracts created the organization. 

They have a massive amount of investors driven funds.

  • From the funds of the organization, hackers had stolen $40 in Ether currency. The DAO has separated the two investors. On the base of those who have lost their funds and have to reclaim and those who still have their funds in the organization.

It is also true that Nuls are very less popular than Ethereum in the market, but centralization is the only method to sort out the problem. It is still doubtful that how hard fork process will help the Nuls team to increase security.

One can get the latest update for the further action of the Nuls team on the situation from Google. It will take a little time to increase the security and the other things related to the Nuls version and its upgrade. But, the participants must update the version as soon as possible to eliminate the future threat.

All the Best To All the SSC CGL 2020 Aspirants !

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