Legends of Black Hat Hackers

Ethereum

Ethereum stolen fund

 

Ethereum is a platform created to build the decentralized app which will have no downtime, fault-tolerant, No censorship and No third-party interference.

Our traditional application currently depends on some big players of the internet which creates the possibility of your data to be hacked if these big players got hacked, censorship from the Government if they don’t like what you do, These big players can sell your private data to advertisers for some money if they want to, etc.

So we have Ethereum which creates multiple nodes where all your data is stored in these multiple nodes so there will no downtime when you want to access this data, there is no control of anyone so no government will be able to censor your data and there will be no interference of anyone.
But Ethereum in its early days got hacked by some Black Hat Hackers and stole around 32 million from different accounts. As these are built on Ethereum platform, their owners were forced to deal with this mess.

Another Group of hackers who calls themselves White Hat Hackers, to deal with this problem, they drain the money from people account which has multisig contracts as rescued funds and they promised they will return all the fund when Ethereum will solve this vulnerability. They announced it on Reddit.

A platform which announced to be more resilient than any other platform was taken on their knees. And reversed all the fraudulent transactions which took place. This action is still in debates and created a big question on Ethereum that “Is Ethereum still a trustable platform or not?” We still don’t have this answer. But the growth prospect of Ethereum is still bright.

As there are great demands of Ethereum application in markets. We have now a new job “Blockchain Developers”. And they are in great demands.