Etherparty is Latest to Get ICO Website Hacked, Will Compensate Victims

Etherparty, a user-friendly Smart Contract Smart Contract A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist Read this Term creation tool, has announced today that its ICO website was hacked and the address for sending funds was changed to reroute the money to the hackers.

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The token sale was launched on Sunday, Oct. 1 at 9 A.M. PDT and the hack occurred just 45 minutes later, according to the details released by the Etherparty team. 15 minutes later the website was taken down to prevent more people from sending to the hacker's address and the website was rebuilt and moved to a new web server by 11:35 A.M. PDT.

Unlike previous cases of ICO hacks, the team was quick to announce that they will compensate investors that sent funds before the website was taken down. "Etherparty is the culmination of all our hardwork and passion, which is why we will continue to listen to community feedback while we safeguard the security and experience on our platform. In order to protect the interests of the community, we will be making it right with those that sent ETH to the hacked address by reviewing transactions sent before 10 A.M. and sending them corresponding FUEL after Oct. 29, 2017."

If this sounds all too familiar it's because scammers, hackers and other cyber criminals continue to target cryptocurrency investors and projects. The CoinDash ICO was hacked in an identical way for example, and scammers continued to target its investors with fake offers after that. In addition there are also fraudulent ICOs which promise high returns while having no business operation at all. The recent torrent of phishing messages drove Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term startups to abandon the popular platform Slack.