Launched in July 2015 and powered by its own native cryptocurrency, ether (ETH), Ethereum is an open-source blockchain that has grown steadily over time. The second most well-known cryptocurrency in the world right now is ether (ETH). The Turing-complete programming language that underpins the ETH ecosystem’s operation makes it safe, yet it is not impervious to hackers. The losses brought on by the multiple assaults he experienced total a ten-figure sum! Be aware that some of these hacks went unnoticed by the media.
Losses of $1 billion have been reported in the ETH ecosystem.
According to a tweet from the grubles account on July 11, losses to hackers in the ETH ecosystem exceed $1,014,265,748. Recall that a hack in February caused the Wormhole network, which served as a link between Ethereum and Solana, to lose $323 million in cryptocurrency.
Then, in April 2022, a cyberattack cost the Ethereum-based decentralized finance (DeFi) platform Beanstalk $182 million. Then, in June 2022, a hack on the Horizon Ethereum bridge resulted in the theft of $100 million. There have been other additional hacks in the ETH ecosystem, varying in size.
Each time, the hackers used a system weakness to their advantage in order to steal money. Undoubtedly, attempts were made, but no theft occurred. It must be acknowledged that the networks do not always reveal all of the daily attacks they experience, probably to prevent frightening users.
However, the network provides users with a number of benefits.
There are many benefits offered by the Ethereum (ETH) network, among which we can highlight immutability. This means that the blockchain is effectively inviolable because the transactions recorded there cannot be changed. Additionally, Ethereum uses many automated techniques to speed up transactions. It is also decentralized and trustworthy. Speaking of which, the network would be capable of handling up to 100,000 transactions per second.
Additionally, programmers can utilize this blockchain to create decentralized apps of any kind, including games, smart contracts, financial services, etc. This network has already produced a large number of apps and continues to do so. And it appears that they extremely infrequently run across issues with fraud, censorship, or outside influence.
Be aware that the blockchain uses encryption for security and has three times as many nodes for operation control as, for instance, the Bitcoin (BTC) network. Additionally, a study found that developers’ poorly written smart contracts are to blame for the majority of cyberattacks against the Ethereum (ETH) network.
Undoubtedly, Ethereum (ETH) has seen numerous hacks, which have cost it a significant amount of money. However, it continues to be a secure, decentralized network that gives a whole community access to a wide range of useful apps. And a number of developers located all around the world are striving to fix the Ethereum blockchain’s problems.
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