Blockchain platform Nuls has lost almost $480,000 worth of NULS tokens due to a hack, according to a security update.
*Security Update* pic.twitter.com/GN41agKgi1 — NULS (@Nuls) December 22, 2019
On December 22, it has been reported that Nuls said it had detected that 2 million tokens had been transferred, of which 548,354 tokens, worth roughly $131, 600, had entered the trading market and were now untraceable.
#Blockchain platform, Nuls, has lost almost $480,000 worth of tokens when 2millions tokens were transferred by #hackers: https://t.co/yhhpzEkwYB#CyberSecurity, #ITInfrastructure, #FINTech, #BlockChain, #Hackers, #NULS, #Tokens, #SecurityBreach, #CyberRisk, #Awareness — Dulen K (@dulenkp) December 23, 2019
However, in response to the theft, Nuls has decided to hard fork the blockchain at block height 87,800:
“After the hard fork, the remaining 1451645.65303905 NULS that has not entered the trading market will be destroyed in a permanent freeze to prevent continued flow into the market.”
The team claims that the action should help to prevent losses to community members. The hard fork will be released as soon as possible, with the team notifying node owners that an upgrade is mandatory and should be complied with as soon as possible.
Likewise, Nuls revealed that hackers exploited a security vulnerability in the Nuls 2.2. Version, which it says has now been fixed. It also notes that all relevant cryptocurrency exchanges have been contacted and are actively cooperating with the Nuls team.
It has been analyzed that the stolen tokens represent only 2% of the circulating supply of over 73 million. The hack has seemed to have little effect on NUL’s price movement.
<img src="https://www.cryptonewspoint.com/wp-content/uploads/2019/12/what-is-nuls-874x437-1.png" alt="" class="wp-image-7547 lazyload" width="472" height="236" />
At press time, NULS has lost 1% on the day and is trading at $0.238.
As Nuls has offices in southwestern China, Singapore, and teams in the United States, Australia, and South Korea, the company is an open-source, enterprise-grade blockchain platform that provides customizable, a modular blockchain infrastructure for a variety of business requirements.
Thus, the company was ranked 4th in the latest crypto rankings report from China’s Center for Information and Industry Development.
Source: cointelegraph.com