By taking advantage of a flaw in the YEED cryptocurrency management system, a hacker managed to steal the equivalent of one million dollars. He multiplied the actions of buying and reselling and thus managed to obtain many reward tokens. These, normally divided by three, came back to him here in full, explains Phonandroid.
These reward tokens were then placed on a “smart contract”, which offers a self-destruct function, allowing him to make his hack invisible. So far, the hacker had therefore achieved a faultless performance. But then, he ended up making a mistake. And not least. At the end of the attack, he simply forgot to collect his loot.
The price of YEED collapsed
What really happened? The self-destruct function was used earlier than expected, preventing the hacker from recovering the stolen money. The funds were blocked on his now inaccessible contract, both by him and by a third party.
In addition to not having brought him anything, this attack had consequences on the cryptocurrency. The price of the YEED collapsed due to its buy/sell trades which generated more supply than demand. If the hacking was ultimately useless for the hacker, it had serious consequences for the other holders of this digital currency.