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A renowned crypto exchange EtherDelta got its DNS server breached by an attacker on Wednesday, allowing the hacker to redirect millions of users to a malicious website.

 

The announcement of the hacking was made in a series of tweets where EtherDelta warned users that a hacker had temporarily hacked their DNS server and was redirecting users to a malicious version of the site.

 

Being a decentralized exchange, EtherData comes under the control of Smart Contracts, meaning that it doesn’t provide the third-party control of user funds. However, the exchange does allow users to import private keys to the exchange itself.

 

As a result of this attack, the hacker was able to steal private keys from users who unwittingly imported their private keys into the imposter website.

 

The data obtained has revealed that the hacker stole around 308 ether – worth around $250,000 at the time of writing.

 

EtherDelta said that clients who got to the exchange using either MetaMask or a hardware wallet are “totally sheltered” from the phishing attack. The organization included that funds from clients who never imported their key on the malicious site “should be safe,” but brokers might need to consider moving their assets to another wallet address as a safety effort — and reconsider their choice to import their private keys directly into a site.

 

The Risks Associated With Crypto Exchanges:

 

The attack came days after South Korean exchange Youbit revealed that it lost 17 percent of its assets as the aftereffect of a hack — the second the organization had faced this year — compelling its administrator, Yaipan, to declare bankruptcy.

 

Like Youbit, EtherDelta was a small exchange. CoinMarketCap reports that it processed just around $7 million of volume during the previous 24 hours, a figure that is, to some degree, lower-than-normal because of the breach. However, the exchange was well known among ERC20 token merchants, as it was one of the first exchanges to support tokens derived from lower profile ICOs (Initial Coin Offerings).

 

Neither of these hacks will prompt a huge disturbance in the worldwide digital currency markets, but each exhibits the risks related to using crypto exchanges.

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