• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
White hat
Nexo

Achieving Parity (or How to Save $85M in Your White Hat)

Emilio Janus by Emilio Janus
5 years ago
in Bitcoin Community, Emerging Markets, Ethereum, News, News teaser, Op-Ed
0
Advertisement

The meeting over, Griff went back to his desk to find his messaging app urgently blinking. He cast his eyes cautiously around at his colleagues. The company he founded, Giveth, was a blockchain startup, creating a transparent accounting system for charities: hashtag, making the world a better place. He smiled. Everyone was occupied in their own thoughts. He clicked the flashing icon.


“Something big going down. Vulnerability in Parity wallet. $32m already gone.”

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

…He stood up and loudly cleared his throat to get the attention of his staff. Everyone was gonna want a piece of this.

A Call to Arms

Immediately Griff had given his speech, his team set to work. Barely minutes later, Jordi got the first break  “Christ… I’ve been comparing the contracts on the hacked addresses and… This might just be the most obvious bug in the history of cryptocurrency!”

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

“So what can we do about it?” questioned Griff.

“I’ll forward what I’ve found. It’ll help you identify which wallets are vulnerable. I can have a script ready… ETA… forty five minutes tops. But… this is potentially massive. We’re gonna need some help.”

Forty minutes later, Jordi stared at the screen of his laptop. His fingers poised over the enter key. Griff stood at his shoulder, having spent the past half hour gathering a ragtag group of trusted individuals from around the globe over Skype and GitHub.

Go Big or Go Home

In the crosshairs of the script Jordi had written was a wallet with approximately 47,000 Ether, worth around $9million.

Griff was nervous. “Maybe we should try it on a smaller wallet first?”

“Nah man. Go big or go home. Either we get there first or the other guy does,” insisted Jordi. In a sudden movement, his fingers leapt for the keyboard.

The pair held their breath and watched… as the wallet started to drain. They both punched the air with their fists.

By the end of the evening they had drained $85 million dollars worth of Ether from countless wallets. But one doesn’t just acquisition that much currency without somebody noticing.

“I need to make a post on Reddit,” sighed Griff.

And that he did

A Modified Version of a Common Multisig Had A Vulnerability – The WHG Took Action & Will Return the Funds.

Audacious indeed. And true to their word, The White Hat Group started to repatriate the funds on July 24. They are also helping another Ukrainian white hat hacker, working alone, to repatriate the funds which he helped rescue during the heist. At the time of writing, over $60m dollars worth of the funds they saved have been returned.

***

Okay, so this is a dramatization, but the story and characters are real. Griff and Jordi, spoke to Mashable earlier today, about the discovery of the heist, and their attempt to do the right thing in rescuing as much money as they could.

It is heartwarming to know, that even in this landscape of sometimes questionable ICOs, occasionally crooked CEOs — and profits in the multiple 000’s — there are people out there, with such a belief in the community and principles that we too believe and trust in, who behave like genuine heroes, purely in the name of the greater good of that community.

That is a community that I, for one, am proud to be a part of.

What are your thoughts on white hat hackers? Share your thoughts below! 


Images courtesy of Shutterstock 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Emilio Janus

Emilio Janus

Related Posts

Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

20 hours ago
Snoop Dogg NFT

Snoop Dogg Still Bullish On Ethereum Despite NFT Trades Declining 70%

1 day ago
Cryptoqueen

‘Cryptoqueen’ Has A $100,000 Bounty On Her Head Offered By The FBI

2 days ago
Ethereum

Ethereum Energy Consumption Sees Sharp Decline As Mining Profitability Drops

5 days ago
Morgan Stanley: Ethereum 2.0 Launch May Reduce Demand For GPUs

Morgan Stanley: Ethereum 2.0 Launch May Reduce Demand For GPUs

6 days ago
Ethereum

The Metric That Says A Further 50% Drawdown For Ethereum Is Possible

6 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.