The move occurred after hackers exploited a smart contract bug on the protocol, according to an official release on Oct.9.
Live streaming service offline on locating the theft, and have since closed their camsite to prevent the transactions of stolen funds into the payment channel's smart contract.
For the uninitiated, SpankChain's is a multi-token protocol which utilizes SPANK tokens for staking purposes and creating smart contracts.
Live with a new smart contract to prevent a repeat, and fix bugs discovered during the BOOTY upgrade.
As part of the smart contract's inbuilt security, 4,000 BOOTY tokens were "Immobilized" when the theft took place.
Attackers created a smart contract disguised as an ERC20 token, where the "Transfer" function allowed "Paid" funds to be sent into the payment channel contract multiple times.
The malicious contract opened up a payment channel and allowed hackers to enter and exit the contract without the presence of a counter-party.
By transferring tokens to the smart contract and back, hackers were able to gain ETH equivalent to their initial SPANK balance.
They are making it mandatory for multiple "Internal" audits for all smart contract codes published on the SpankChain protocol, and "At least" one external audit.
For those interested, SpankChain has made public the hacker's payment channel contract, attacker's address, internal attacker's address, malicious contract address.
SpankChain Smart Contract Compromised, Hackers Take $38,000 in Ethereum
에 게시 됨 Oct 11, 2018
by Cryptoslate | 에 게시 됨 Coinage
Coinage
이 기사에서 언급
최근 뉴스
모두보기
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.