Launched in July 2015, with its native cryptocurrency ether (ETH), Ethereum (ETH) is an open source blockchain that has gone from strength to strength over the years. Ether (ETH) is currently the second most popular cryptocurrency in the world. While the ETH ecosystem that operates on the basis of the Turing-complete programming language is secure, it is not immune from hacks. By counting the losses caused by the various attacks he suffered, we get a 10 figure size! Note that many of these hacks did not get media coverage.
Billion dollars of losses recorded on the ETH ecosystem
According to a Twitter post dating from July 11, on the grubles account, integrates the ETH ecosystem $ 1,014,265,748 in loss because of hackers. Recall that in February, the Wormhole network designed to be a bridge between Ethereum and Solana lost $ 323 million worth of encryption after a hack.
Then, in April 2022, the decentralized finance (DeFi) protocol of Bean Gas built on Ethereum lost $ 182 million due to a hack. Then, in June 2022, the Horizon Ethereum bridge was hacked, and $ 100 million was stolen. Many other hacks have been made in the ETH ecosystem, some less so than others.
Every time, hackers exploited a system fault to steal funds. Clearly there were attempts that did not lead to any theft. It must be said that the networks do not always report all the attacks they face on a daily basis, no doubt to avoid frightening users.
However, the network offers various benefits to users
The Ethereum (ETH) network offers a multitude of benefits among which we can cite non-volatility. This means that the operations recorded on the blockchain cannot be modified, making it the latter almost tamper-proof. Moreover, Ethereum (ETH) is decentralized and reliable, not to mention that it uses various automated processes to make transactions faster. Speaking of which, up to 100,000 transactions per second could be done on the network.
Also, this blockchain can be used by programmers to developing decentralized applications of all kinds: games, smart contracts, financial services, etc. Many applications have already been created and continue to be created from this network. And they rarely seem to have problems with censorship, fraud or third-party interference.
Note that, in terms of security, the blockchain uses encryption, with three times more nodes to control operations than the Bitcoin (BTC) network for example. In addition, according to a study, the majority of cyber-attacks suffered by the Ethereum (ETH) network are involved. smart contracts poorly proven by developers.
Certainly, Ethereum (ETH) is the victim of repeated hacks, which has resulted in it losing a lot of money. However, it remains a secure and decentralized network that offers many relevant applications to an entire community. And a number of developers scattered around the world are working to fix the flaws in the Ethereum blockchain (ETH).
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Behind the generic “Redaction CT” signature are young journalists and authors with specific profiles who wish to remain anonymous because of their connection to the ecosystem and certain obligations.