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More than $400,000 of Stellar Lumen Stolen By Hackers

More than $400,000 of Stellar Lumen Stolen By Hackers

Reading Time: 2 minutes by on January 19, 2018 Altcoins, News
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In what was the latest hack in the cryptocurrency world, there was over $400,000 stolen in the form of the Stellar Lumen cryptocurrency after a cyber-attack on BlackWallet – a popular provider of digital wallets.

Ongoing Investigation

The group who carried out this attack has not been identified as of yet. They managed to break into the wallet application that has stores of 669,920 lumens in the investors’ accounts.

It was on the Reddit forums that BlackWallet sent warnings about this attack to their users. However, many of their users proceeded to log in despite seeing this warning.

The creator of BlackWallet uses the name of /u/Orbit84 on the Reddit site and released a statement on the social platform whereby he apologized to users regarding this attack, and he hopes that users will have their funds recovered in due course. There is currently an investigation ongoing that is trying to identify where the attack originated from and who were the perpetrators.

/u/Orbit84 also recommended that for those users who have entered in their key on the platform, they should transfer their funds to a brand new wallet that has the Stellar account viewer. By the end of the day of the attack, there were less than 100 lumens left in the wallets, with more than 669,000 tokens being stolen in total.

According to the rankings that CoinMarketCap provide, Stellar Lumen is in the eighth position when it comes to the highest market value digital currencies, with more than $11.6 billion worth of this cryptocurrency currently in circulation.

Market Share

While Stellar Lumen has made some impressive strides as of late, it is still a fair bit away from the market value of the likes of ethereum and bitcoin which lie at approximately $127 billion and $240 billion respectively.

Prices across the board have been hit hard in January 2018 as there was a lot of speculation coming out of South Korea that there would be a full shutdown on all of their exchanges. This thankfully did not come to fruition, but the markets are still recovering after the significant sell-off that took place on the back of this rumor.

South Korea has been a big player as of late in the world of cryptocurrencies, but there have been a lot of grumblings coming out of their government which has caused some concern amongst investors.

As well as the potential shutdown of exchanges, they curtailed the use of crypto futures and have been focusing their efforts on taking a tough stance against any criminal activities that are utilizing digital currencies.

Officials are looking to curb the high levels of speculation that have been occurring in South Korea and return the focus on the underlying blockchain technology that is inherent to these digital currencies, rather than having investors focus simply on whether the price is going up or down.

The authorities in South Korea are assessing all of their options, and it will not be long before they come out with some concrete regulations that could have a significant impact on the cryptocurrency markets worldwide.

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