News EtherDelta Cryptocurrency Exchange Hacked

The EtherDelta cryptocurrency exchange recently sent out urgent tweets, telling users not to open the site as it had been hacked.

If there’s one fact that has been proven over and over again is that as long as there is something worth stealing, then somebody is going to be willing to do so. I’m pretty sure that the first caveman who found a pretty rock probably got clobbered in the head by another caveman who wanted it. In our digital age, it only takes some code and an internet connection to allow someone on the other side of the world to steal some of your assets. Cryptocurrency exchanges have become a prime target for thieves, and EtherDelta is the latest victim as they’ve become the target of an attack.

Dear users, we have reason to believe that there had been malicious attacks that temporarily gained access to @etherdelta https://t.co/NnqU5Er4rj DNS server. We are investigating this issue right now – in the meantime please DONOT use the current site. — EtherDelta (@etherdelta) December 20, 2017

Gone in a Blink of an Eye

EtherDelta began desperately tweeting early Wednesday evening for their users not to open the site as it had become compromised due to a “malicious attack.” If they did so, then they ran the risk of a hacker stealing their virtual currency. Apparently, the attacker managed to spoof the domain but without the chat interface and Twitter feed.

The exchange did let users know that accessing the platform through BLUE beta, MetaMask, or a Ledger should be safe. In the interest of security, the exchange has suspended its service and recommends that users check the DeltaBalances Github page to see if their holdings are still there or not.

⚠️ 2/2 *BE AWARE* The imposer’s app has no CHAT button on the navigation bar nor the offical Twitter Feed on the bottom right. It is also populated with a fake order book. — EtherDelta (@etherdelta) December 20, 2017

The Wild West Can Be Dangerous

One of the great things about cryptocurrency is the decentralization and freedom that it represents. However, the downside is that there’s often little to no recourse if something bad happens. It’s very sad to read the comments on the attacker’s ether wallet listing from the victims. However, I think the pleas for the hacker to return the stolen Ether will fall on deaf ears.

The virtual world can be a dangerous place for the honest person. It seems that some major new hack comes along every few weeks that targets some crypto exchange. Youbit, the South Korean exchange, just announced it was declaring bankruptcy after losing 17% of its net assets due to several hacks. The first hack to hit Youbit occurred in April and saw 4,000 BTC get snatched away, and the exchange was never able to recover.

North Korea has made hacking attempts at multiple exchanges in South Korea and has recently upped their game to use fake job offers and fake Facebook profiles to gain access to cryptocurrency exchanges. And let’s not forget about NiceHash, the cryptocurrency mining marketplace, that recently was hacked to the tune of 4,700 bitcoins, which is currently worth almost $80 million.

As for EtherDelta, they did release a video showing users how to safely transfer their funds.

Where you impacted by the hacking of EtherDelta? What methods do you use to protect your crypto? Let us know in the comments below.

Images courtesy of Pixabay, Twitter/@etherdelta, and YouTube/BLUE Securing the Crypto Age.