Fresh Hack Event Sees Prominent Blockchain Firm Lose $480,000

Fresh Hack Event Sees Prominent Blockchain Firm Lose $480,000

Popular Chinese Blockchain firm, Nuls, tweeted from its official Twitter handle on the 22nd of December that it had been hacked and had lost about $480,000 (in NULS coins).

The firm explained in the tweet that it noticed that 2 million coins had been stolen from its storage and about 549,000 of those coins (valued at about $131,600) had already been traded into the market and were now impossible to track down.

Impromptu Hard Fork Upgrade for Owners
As a precautionary measure after the hack event, Nuls agreed to hard fork the blockchain. What this means is that the remaining stolen NULS coins that have not been traded will be frozen permanently to destroy them and prohibit the coins from entering the market again.

Representatives of the firm claim that the act will help the community members from incurring further losses. They went on to state that the hard fork will be lifted shortly and that owners are mandated to upgrade their nodes as soon as possible.

The firm explained that the hackers took advantage of a weakness in the Nuls 2.2 version and states that this weakness has been rectified. They also mentioned that they had communicated with prominent crypto exchanges to cooperate with them in solving the issue.

Price of NULS Reported being Unaffected by the Hack Event
The stolen coins are just 2% of the total supply in the circulation of about 73 million. It was reported that the hack didn’t seem to have any effect on the price of NULS.

Nuls is just another victim in the numerous hacks that have been happening this year.

Nuls is an open-source blockchain corporation that delivers tailor-made blockchain infrastructure for an assortment of business requirements. The firm has branches in Southwestern China, Singapore, the US, Australia, and South Korea.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.