May 17, 2020

Hackers steal $32m of cryptocurrency Ethereum and cause price to crash below $200

Cryptocurrency
hacking
Bitcoin
Ethereum
Callum Rivett
2 min
Ethereum – the second biggest cryptocurrency behind Bitcoin – has suffered another hacking that has caused 153,000 ether to disappear from a multi-s...

Ethereum – the second biggest cryptocurrency behind Bitcoin – has suffered another hacking that has caused 153,000 ether to disappear from a multi-signature wallet.

Valued at around $32m, the ether was taken from a Parity Technologies wallet, one of the most trusted and secure wallets around.

The hack and loss of funds is particularly troublesome, as the founder of Parity is Gavin Wood, a co-founder of Ethereum. Wood also wrote the initial implementation for Ethereum in 2014.

White hat hackers saved Parity users by draining all other multi-sig wallets on Parity – a total worth of $75m – with the funds promised to be returned when the vulnerability is fixed.

According to Coindesk, the hack caused the price of ether to drop below $200 for the second time in a week, having previously hit highs of nearly $400 back in mid-June.

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At the time of writing, Ethereum has rebounded slightly to $213 but is still some way off its all-time high of $391.

Graph of Ethereum dropping below $200

Having started the year at below $10, Ethereum has enjoyed astonishing growth but still has problems.

Charlie Lee, creator of Litecoin, tweeted that “Ethereum is a hacker’s paradise” because even Wood cannot write a secure multi-sig wallet.  

If the creator of Solidity, Gavin Wood, cannot write a secure multisig wallet in Solidity, pretty much confirms Ethereum is hacker paradise. https://t.co/WAR3eltfWl

— Charlie Lee (@SatoshiLite) July 19, 2017

Earlier this week, an initial coin offering of Ethereum-based start-up CoinDash was hacked when the wallet address on the project’s webpage was changed, causing $10m worth of ether to be pilfered.

Around 2,000 investors sent 37,000 ethers to the fake address, unaware of the change. This figure rose to 43,500 in the days following the hack, bringing the total stolen to around $10.3m.

Ethereum came about after a hack – in June 2016, hackers managed to exploit a vulnerability and secure themselves 3.6m ether – which is now worth about $742m.

This then caused the management to create a hard fork, therefore splitting Ethereum into two separate cryptocurrencies but effectively undoing the theft.

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Jul 7, 2021

ServiceNow pumps millions into EU service compliance

ServiceNow
Compliance
EU
Schrems II
2 min
ServiceNow
ServiceNow has announced a multimillion euro investment in EU services, providing customers even greater trust, choice, and control over their data

ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.

The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.

ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.

ServiceNow upgrade: free of charge

There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.

Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.

ServiceNow upgrade: ‘peace of mind’

“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”

Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.

“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”

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