RATE Group | Hackers Nab $58k from Cryptocurrency Exchange with Fake EOS Tokens
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Hackers Nab $58k from Cryptocurrency Exchange with Fake EOS Tokens

20 Sep Hackers Nab $58k from Cryptocurrency Exchange with Fake EOS Tokens

Posted at 00:38h in Cryptocurrency News by

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Cryptocurrency exchange DEX hack EOS

Hackers were able to steal nearly $58,000 worth of cryptocurrency from the Newdex exchange by exploiting a vulnerability in the exchange, according to TheNextWeb. The hackers flooded the Newdex exchange with fake EOS tokens they created themselves to buy ADD, BLACK and IQ tokens from the centralized platform.

Newdex acknowledged that an EOS account issued 1 billion phony EOS tokens. The EOS account, oo1122334455, placed purchase orders for ADD, BLACK and IQ. A total of 11,800 phony EOS orders were made. The hackers then exchanged the tokens for real EOS.

Newdex acknowledged the hackers nabbed 4,028 real EOS tokens, worth around $20,000, and sent them to Bitfinex, leaving Newdex users with cumulative losses around $58,000.

Newdex stopped the service at 15:52 on Sept. 18 after discovering an exception and activated an emergency response repair system, according to an observer on Reddit. The repair was completed at 16:33, and normal operation was resumed.

Newdex apologized…

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