Forex and Crypto News

Ethereum worth $6 million were stolen because of the weak private keys

14:24 24 April /2019

A significant amount of Ethereum (ETH) has been stolen because of the weak private keys. This is stated in a study of the company Security Evaluators, specializing in cybersecurity analysis.

The report notes that the criminals used the imperfect key generation algorithm and stole about 44,700 ETH coins. The risks of stealing funds from wallets are zero only when the system for generating a 256-bit private key is functioning normally. But if it works inefficiently, the keys may be formed weak due to problems in the algorithm under the influence of a number of factors.

Such factors can be malware, memory errors and other technical failures. In the course of their research, analysts were able to gain access to more than 700 Ethereum wallets. They managed to do this by using private keys that were not generated properly.

Hackers can gain access to the wallets of victims even if they use simple passwords instead of using randomly generated private keys. According to experts, the indiscretion of cryptocurrency holders is one of the main reasons for the hacking of their wallets.

By the most conservative estimates, the criminals have already been able to steal more than $6 million in Ethereum coins due to security problems.

Not only individual hacker teams can engage in such activities, but entire states. For example, North Korea is systematically attacking digital asset holders in South Korea and other Asian countries. However, while the technical capabilities do not allow us to identify such criminals and to deal with them as effectively as possible, the expert concluded.

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