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Tuesday, 27 October 2020 07:15

Ethereum gambling game loses US$2.5m in alleged inside job Featured

Ethereum gambling game loses US$2.5m in alleged inside job Image by Peter Patel from Pixabay

EtherCrash, which claims to be the "most established and largest gambling game for Ethereum", has had digital currency worth about US$2.5 million (A$3.5 million) stolen in what appears to be an inside job.

The company said in a notice [graphic below] on the proprietary freeware instant messaging and VoIP application and digital distribution platform Discord that its cold wallet had been compromised and two large withdrawals made.

A cold wallet is one that has never been connected to the Internet. Alon Gal, chief technology officer of cyber crime intelligence company Hudson Rock, posted the notice on Twitter.

EtherCrash provided the addresses to which the transfers were made and said it had changed its sweeping address.

"Our initial plan on repaying the investors of EtherCrash is not to take any commission and have these funds pay back the investors directly," the notice said, adding, "however this may take some time."


The company said it was open to ideas "on how we can make things right".

Asked whether there had been other thefts from EtherCrash, Gal told iTWire that he had been referring to other hacks at other companies in his tweet which read: "Another hack of around $2,500,000 happened today on EtherCrash."

He said he was referring to the attack at decentralised finance player Harvest Finance (see tweet below) which lost about US$24 million last week.

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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