A system lapse has seen an anonymous hacker move $7.7 which is equivalent to 2.09milliom EOS from an account that was hacked. This resulted from a block producer (BP) update failure. According to a Telegram post availed to Newconomy.media by EOS block producer EQ42 dated 23, February.
The hack came as a surprise to many given that EOS has been fronted as one of the most secure platforms in the crypto sphere. However, crypto criminals are always on the lookout for any weak entry point in the system to enter and move what they can.
The post came hours after Huobi exchange security team twitted:
EOS Remedial Measures
EOS has a special feature that allows BPs to blacklist any suspicious accounts. This is a security measure that automatically blocks such accounts to keep the ecosystem heathy and functioning optimally. A total of 21BPs are expected to blacklist these accounts but on the 22 Feb, BP “Games.eos” failed to update the blacklisted accounts in the MainNet hence creating a weak point for the hacker to attack.
Huobis’ security team was quick to freeze the suspicious accounts courtesy of EOS Core Arbitration Forum (ECAF) blacklist data. The exchange could detect the assets moving from the EOS ecosystem into the Huobi platform accounts.
EOS Unanticipated System Lapse
The mishap is a wakeup call for the EOS with EOS42 coming up with a new proposal. According to the proposal, all keys to blacklisted accounts need to be nullified for the system to become effective. The power needs to be given to a single BP on the ecosystems MainNet. This will work more effectively and it is easy to save accounts and return them to their real owners.
The 21 BP candidates are on the higher side and these can be replaced through a constant voting mechanism. The EOS24 proposal, adds that:
“Several accounts have been blacklisted based on ECAF orders in which the victim’s accounts were hacked.”
EOS popularity has been on the rise setting it up as the fourth largest by MCAP. Since launching their MainNet in June 2018, the coin has experienced mass adoption and its visibility pushing it to a global brand.
Since the successful completion of their token sale, EOS supporters have fronted it to be the greatest Ethereum competitor in the dApp niche. EOS is among the shinier players where developers are migrating to from Ethereum due to scalability and transaction fee issues.