Blockchain NULS hacked, loses token worth $480k

NULS, a ledger blockchain platform announced on Sunday in a tweet that hackers already carted away with around 2 million NULS token which is worth $480,000.

The modular blockchain platform, however, has its eyes set on breaking the technical barrier of alt currency technology and promote its adoption on a commercial level.

The company on Sunday had to however announce over the social media that hackers managed to take advantage of a security vulnerability in NULS 2.2 version as they claimed to have fixed it.

Further update revealed that the hackers had been able to trade nearly 550,000 tokens, worth over $130,000, which at that moment were no longer traceable.

This hack is happening in the wake of other recent hacks. Earlier this month, VeChain Foundation was hacked.

VeChain’s buyback address was compromised by hackers and they managed to steal 1.1 billion VET tokens, then worth around $6.5 million.

Outside VeChain’s hack, the global accounting firm has also warned that with the advancement in quantum computing, bitcoin worth several million is susceptible to hack attack.

Quantifying NULS loss post hack attack

Following the blockchain company’s attack, the company seems fortunate not to have lost a lot to the hand of these hackers.

The total number of hacked tokens accounts for only 2% of Nuls circulating supply as the hack seems to have little effect on NUL price movements

NULS begin knotting loose ends

To curb more similar attack, the blockchain company has taken some measures to see to it that the company suffer no more of such attack.

The NULS team decided to hard fork its blockchain at block height 87,800 this is to lock up its remaining tokens as the team says is a mandatory process and should be complied with quickly.

The team also stated that after the hard fork, the remaining 1451645.65303905 NULS token that has not entered the trading market will be destroyed in a permanent freeze.

This is to prevent continued flow into the market.

The team believes that through the hard fork, the losses for community members will be offset

The company has also made it known that it has reached out to cryptocurrency exchange companies and is actively cooperating with them on the security breach.

Nuls is an open-source enterprise-grade public blockchain platform designed on a modular architecture founded in 2017 by the Singapore-based company NULS Foundation Pte. Ltd.

The company’s vision is to provide a public blockchain that can be customized to also run private blockchains to meet different industrial goals.

Featured Image from: Medium.com