Info@NationalCyberSecurity
Info@NationalCyberSecurity

Parity wallet hacker begins laundering 150k in Ethereum after 7 years of inactivity | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #hacker


Hacker who stole 150,000 Ethereum (ETH) from Parity Multisig Wallet back in 2017 has started laundering the first batch of 3,050 ETH.

A hacker who stole 150,000 Ethereum (ETH) from Parity Multisig Wallet version 1.5 in July 2017 transferred $9 million worth of ETH to eXch after seven years of inactivity. According to smart contract monitoring service Cyvers Alerts, the hacker initiated the laundering of 3,050 ETH, utilizing “multiple consolidated addresses.”

The analysts added that the hacker still controls over 83,000 ETH worth around $246 million at current prices stolen from the 2017 attack. The hack, which drained 153,037 ETH from three multisignature contracts associated with Parity Multisig Wallet in 2017, highlighted vulnerabilities within the Ethereum ecosystem.

Analysts at OpenZeppelin, a blockchain infrastructure platform, suggested at the time that the attack could have been prevented by avoiding certain coding practices, such as using the “delegatecall” function as a catch-all forwarding mechanism.

The analysts also emphasized the importance of implementing robust coding patterns and standards within the Ethereum ecosystem to mitigate such vulnerabilities. Failure to do so, the firm warned, could lead to “disastrous consequences,” even from a seemingly “innocent-looking bug.”

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