Blockchain News Feed

All the latest news on Blockchain & Cryptocurrencies

Menu
  • Home
  • News
  • Exchanges
  • Market Analysis
  • YouTube
  • Brave Browser
Menu

EOS Will See ‘Massive Exchange Hack’ This Year, Cornell Professor Says

Posted on juni 19, 2018 by Blockchain News

EOS will be the victim of a “massive” exchange hack this year, developer and computer science professor at Cornell University, Emin Gün Sirer, has said.


Hackers Will Exploit EOS ‘Vulnerability’

In a series of tweets June 18, the well-known cryptocurrency commentator claimed that in light of the projects teething troubles and governance model, a “vulnerability” will allow malicious parties to exploit EOS in the near future.

EOS, which completed a record-breaking $4 billion ICO earlier this month, suffered a full service outage over the weekend in a surprise occurrence which shook market confidence.

“I’m calling it: there will be a massive exchange hack within the next year, taking advantage of an EOS vulnerability” Sirer began.

“That exchange will lose its hot wallet. Hackers will send the proceeds to downstream exchanges, where they will trade into other coins.”

I’m calling it: there will be a massive exchange hack within the next year, taking advantage of an EOS vulnerability. That exchange will lose its hot wallet.

Hackers will send the proceeds to downstream exchanges, where they will trade into other coins.

(1/n)

— Emin Gün Sirer (@el33th4xor) June 18, 2018

The Problem With ‘Patch-As-You-Go’

As Bitcoinist has reported in and the run-up to and aftermath of the ICO, EOS has faced mounting criticism over various aspects of both its management, claims of decentralization, and EOS token.

This has included doubts over the token’s true validity, the giant ICO contrasting with formal admission in the project’s whitepaper that it serves no distinct purpose.

Taking issue with the project’s ethos meanwhile, Sirer joined the various cryptocurrency industry figures who have not been shy about venting their lack of confidence.

Developers resolved the weekend’s bug with a patch which allowed the platform to resume operations, but an ad hoc approach, patching vulnerabilities as and when they arise, will not be effective forever, he warned.

“You can’t incrementally patch your way to correctness. Testnets help find bugs but lack of bugs in testnet doesn’t provide any assurance of correctness,” the tweets continued.

In the same vein, you can’t start out with some bricks, beams and cables over a body of water, patch the holes where cars fall into the ocean, and end up with a load-bearing bridge.

Sirer also forecast further outages, with “liveness” issues continuing to plague EOS.

Do you agree with Emil Gün Sirer’s forecast for EOS? Let us know in the comments section below!


Images courtesy of Shutterstock, Twitter

The post EOS Will See ‘Massive Exchange Hack’ This Year, Cornell Professor Says appeared first on Bitcoinist.com.


Source: Bitcoinist.com
Original Post: EOS Will See ‘Massive Exchange Hack’ This Year, Cornell Professor Says

Ledger Nano X - The secure hardware wallet

Recente berichten

  • Mastercard Exec Remains Optimistic On Crypto Despite Market Meltdown
  • Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs
  • Guggenheim’s Scott Minerd Predicts Brutal Bitcoin (BTC) Collapse Down to ‘Ultimate Bottom’ – Here’s His Target
  • Exchanges show initial support to Terra revival by listing new LUNA token
  • NFT owners reminded to be vigilant after 29 Moonbirds were stolen by clicking a bad link

Categorieën

  • Altcoin Buzz
  • Altcoin Buzz News
  • AMBcrypto
  • Bitcoin.com
  • Bitcoinist
  • BTC Manager
  • CCN
  • Coin Mastery
  • Coindesk
  • Coinpower News
  • Cointelegraph
  • CryproSlate
  • Crypto Daily
  • Crypto News (.net)
  • Cryptocoin News
  • Cryptocurrency News
  • CryptoDaily.co.uk
  • CryptoPotato
  • CryptosRUs
  • Daily HODL
  • DataDash
  • Ethereum Worldnews
  • Exchanges
  • ICO's
  • Invest in Blockchain
  • Market Analysis
  • News
  • News BTC
  • Newsbit
  • Portfolio
  • Pricecheck
  • Ready Set Crypto
  • The Modern Investor
  • ToshiTimes
  • Use The Bitcoin

Archieven

  • mei 2022
  • april 2022
  • maart 2022
  • februari 2022
  • januari 2022
  • december 2021
  • november 2021
  • oktober 2021
  • september 2021
  • augustus 2021
  • juli 2021
  • juni 2021
  • mei 2021
  • april 2021
  • maart 2021
  • februari 2021
  • januari 2021
  • december 2020
  • november 2020
  • oktober 2020
  • september 2020
  • augustus 2020
  • juli 2020
  • juni 2020
  • mei 2020
  • april 2020
  • maart 2020
  • februari 2020
  • januari 2020
  • december 2019
  • november 2019
  • oktober 2019
  • september 2019
  • augustus 2019
  • juli 2019
  • juni 2019
  • mei 2019
  • april 2019
  • maart 2019
  • februari 2019
  • januari 2019
  • december 2018
  • november 2018
  • oktober 2018
  • september 2018
  • augustus 2018
  • juli 2018
  • juni 2018
  • mei 2018
  • april 2018
  • maart 2018
  • februari 2018
  • januari 2018
  • december 2017
  • november 2017
  • oktober 2017
  • september 2017
  • maart 2017
  • juni 2016
  • juli 2014
  • september 2013
  • augustus 2013
©2022 Blockchain News Feed | Design: Newspaperly WordPress Theme