Famous cryptocurrency exchange company EtherDelta has suspended its operations after being hacked.
Hackers replaced the company’s website with a fake portal that steals money, according to a Mashable article.
EtherDelta reported that “at least 308 ETH” (equivalent to $266,789) were stolen, along with “a large number of tokens potentially worth hundreds of thousands of dollars.”
TechCrunch said EtherDelta’s trading volume is around $11 million daily, making it one of the world’s top 75 trading sites.
The hacker reportedly took over EtherDelta’s DNS server and set up a fake site for visitors.
After confirming the hack on Twitter, EtherDelta advised all users not to use the site.
“Dear users, we have reason to believe that there had been malicious attacks that temporarily gained access to @etherdelta http://EtherDelta.com DNS server. We are investigating this issue right now – in the meantime, please DO NOT use the current site,” EtherDelta tweeted.
The company also said the hacker’s app “has no CHAT button on the navigation bar nor the official Twitter Feed on the bottom right.”
It noted that the fake site had a fraudulent order book.
Series of hacking incidents
The hacking incident comes more than two weeks after cryptocurrency miner NiceHash was attacked by hackers, losing millions of dollars of bitcoins in the process.
NiceHash, however, is already back in business and promised to reimburse its clients in full.
Before the NiceHash hacking, South Korean cryptocurrency exchange Youbit was reportedly hacked by North Korean attackers twice this year, prompting the company to file for bankruptcy.
And then last month, Tether, a startup working with cryptocurrency exchanges, claimed to have lost $31 million in a hacking incident.
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
Game theory inside financial planning
If it snows for six days, must it stop on the seventh? If a coin land heads nine times, must...
Today’s version of insolvent startups and ninja loan economy
Here's a look at what investors should expect in today's economy.
Wheat markets closed lower amid better weather
The weather in the U.S. and around the world is getting better and wheat harvest should get underway soon.
How to take a staycation this summer
Between running a start-up company and wrapping up his graduate degree, Pierre Huguet is too busy to take a vacation...
Public entities seek parking solutions
Parking has become a critical consideration for governmental entities throughout the country.