Team Behind NULS Hacked, $500,000 In the Crypto Stolen 16

Team Behind NULS Hacked, $500,000 In the Crypto Stolen

$500,000 Worth of Crypto Stolen in NULS Hack

If you were around in the 2017/2018 crypto craze, you likely remember the name “NULS.” The altcoin project, branded as an “open-source, enterprise-grade, adaptive blockchain platform that offers fast-track business solutions for developers,” was once all the rage in some circles of this market, gaining mass traction and, as such, price.

It seems that NULS has had quite the fall from grace since 2018.

According to an announcement published on December 22nd to the official Twitter and Medium feeds of the project, the organization behind the blockchain recently “detected that an account of the NULS team was attacked by hackers.”

This hack purportedly allowed the hackers to transfer 2,000,000 NULS — worth some $500,000 as of the time of writing this (the asset has dropped slightly since this announcement came to light) — to a wallet that they control. Around 25% of the funds have “entered the trading market and couldn’t be traced,” potentially acting as a negative shock to the market.

The remaining 75% of the funds have been “destroyed in a permanent freeze to prevent continued flow into the market and bring losses to community members.”

The source of the hack has been fixed in a recent patch.

VeChain Hacked As Well

NULS isn’t the only blockchain to have been hacked as of late.

Earlier this month, VeChain Foundation, the team behind the VeChain blockchain, was revealed to have been compromised by a hacker. The hacker managed to break into the foundation’s buyback wallet purportedly due to a human error within the entity:

We have narrowed down the possibilities enough to lead to a highly probable theory.

The error has since been fixed, the VeChain team has asserted. Security breach was most likely due to misconduct of one of the team members within our finance team.

The hacker, who remains at large, managed to withdraw 1.1 billion VET tokens worth an estimated $6.53 million to a private address. The tokens represent just over 1% of all outstanding VET tokens in circulation.

VeChain Foundation says that it is working with a cybersecurity firm to try and identify the hacker through chain analysis techniques.

It appears that the hacking of foundation wallets is an important issue in the crypto community, especially as firms within the industry continue to raise money by launching and selling their own crypto tokens and assets.

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