Altcoin News: Hacker Stole 30,000 EOS Through Gambling Dapps Vulnerabilities

September 16, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Using the vulnerabilities of decentralized applications (DApps) to participate in gambling, the fraudster overloaded the network with leased resources and could always guarantee a winning result.

As noted community members on Twitter, an attacker managed to steal more than 30 000 EOS, manipulating the conditions of winning applications. The hacker rented a huge amount of computing and network power on the EOS REX resource exchange.

Using these powers when betting in his favor and attacking the contract, the attacker was able to beat the price offers of most other user transactions.

When the network was congested, the hacker entered into several contracts in decentralized applications. However, since applications rely on transactions to determine winning conditions, they could be manipulated.

As a result of network congestion, only the hacker had enough computing power to control the operation of the applications, so the developers could not stop the attack immediately after it was detected.

In the spring, the hacker tried to carry out a “pending transaction” on the EOS network for $3.66 trillion, and in February an anonymous hacker managed to transfer 2.09 million EOS ($7.7 million) from the hacked account. Presumably, this was due to a mistake made by the miner of EOS blocks.

Author: Marko Vidrih