That’s it, that’s the news. Another week – another “million dollars” crypto-related scandal. It’s not surprising anymore, it’s becoming a routine. It’s still a great pleasure to report though.
So a hacker (or, as the news outlets put it “an anonymous hacker” as if hackers are usually shout out about their identities at every f*cking corner) was able to move $7.7M (2.09M EOS) from a hacked account. This has happened due to a mistake – an alleged failed update by an EOS block producer (BP). In other words, the blacklist accounts update has failed, and a hacker got hold of almost $8M. Hilarious.
Here is a short tech note to remind you lot how EOS works: the blockchain operates a DPOS (Delegated Proof of Stake) consensus system. There are 21 elected block producers (BPs) who approve blocks and make other decisions on the network. One of the features – that came under heavy criticism – allows all 21 BPs to block compromised accounts. So if one of those BPs will fail to update the blacklist, it will compromise the whole network. And that’s precisely what happened.