EOSBet security breached again: Hackers steal 65,000 EOS

EOSBet security breached again: Hackers steal 65,000 EOS
EOSBet security breached again: Hackers steal 65,000 EOS
EOSBet security breached again: Hackers steal 65,000 EOS 25264
News
Priyanka Babu
Oct 16, 2018 at 7:15 PM
Gambling dApp EOSBet, which runs on the EOS blockchain, has been compromised yet again in another blow to the EOS community. According to a report by TheNextWeb, the hackers have taken advantage of another vulnerability on its smart contract, robbing EOS wallets of $338,000. The EOSBet team has said that they have patched the smart contract vulnerability of EOSBet and many other contracts.

EOS Wallets Bugged
Hackers have swindled large amounts of EOS by tricking its smart contract. They added lines of faulty code to their EOS wallets to deceive a targeted account, which awards them with cryptocurrency every time they send transactions between themselves. The code activated the dApp's “transfer” function, which tricked the wallet into matching every EOS sent with the equal amounts on its operational wallets.

One of the hackers named 'Ilovedice123' used the faulty code to trick the smart contract platform into crediting their account with 65,000 EOS ($338,000) tokens that were then moved onto another cryptocurrency exchange. These faulty transactions made significant chunks of coins disappear in less than a minute.

EOSBet is having a hard time proving that it is the safest gambling app in the blockchain world, according to its advertisements. Last month, the EOSBet team had posted an update on Medium regarding their move to increase the security of the system. The team said that they were “extensively" auditing the code after an earlier hack which cost the dApp 40,000 EOS ($200,000).

The platform has since adopted various security measures to shield itself from similar attacks. Firstly, the betting dApp said it would implement better internal code testing and review processes. The platform also revealed that it would employ a minimum of two extensive security audits from third parties for its code. But these measures don't seem to be working out for EOSBet, as evidenced by repeated security breaches, thereby raising red flags about the dApp among the EOS community.