Crypto Hacker Steals 30,000 EOS Through Gambling Dapps

Crypto hacker managed to steal 30,000 EOS tokens by exploiting gambling dapps on the network by simply congesting the network and he managed to create a winning outcome every time as we are about to read more in the latest cryptocurrency news.

As pointed out by the community members on Twitter, the crypto hacker managed to steal more than 30k EOS by simply manipulating some winning conditions in gambling Dapps. They first started renting a massive amount of CPU and NET at EOS’s REX resource exchange. By staking the CPU and NET for themselves, the crypto hacker was able to price out a huge part of the user transactions. When the network got congested, the hacker started some contracts to the gambling dapps and because these dapps rely on transactions to determine winning conditions, they are easily manipulated.
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The congestion means that only the hacker and the app that gets attack have enough CPU to operate. This prevents the developers from stopping the attack right away when they discover it. EOS overtook Ethereum as a platform preferred by the users of the dApps and now the vast majority of the traffic comes from gambling applications. However, some of the reports suggest that a lot of this could be because of the bots and dapps are also struggling to attract genuine users. The crypto critics also attack the network for its level of centralization as the prompting founder Dan Larimar stated about Ethereum and Bitcoin earlier this year. Larimar claimed that he wants to take down the two biggest cryptocurrency networks. Most recently we read in the previous altcoin news, EOS suffered a huge blow to its credibility when the co-founder of Wikipedia Larry Sanger explained that the network was ‘’de-facto centralized’’ and that it was operated by the hands of the Chinese authorities.

Sanger also explained that he is unable to continue to build his dapps on the EOS platform. He could have a point since the Chinese government continues to rank EOS as the number one asset among the top ten cryptocurrencies while Bitcoin is struggling to even make to the top 10.