Blockchain Platform NULS Hacked for 2 Million NULS Tokens, Worth Nearly $480,000

NULS, a modular blockchain platform aiming to “break the technical barriers” of the technology to promote its adoption on a commercial level, has been hacked for 2 million NULS tokens, currently worth nearly $480,000.

According to a security update shared on social media, the hackers managed to take advantage of a “security vulnerability in NULS 2.2 version” which the blockchain platform claims to have fixed. As a result, a total of 2 million tokens were taken from a team member.

The update notes the hackers have been able to trade nearly 550,000 tokens, worth over $130,000, which are no longer traceable. To lock up the remaining tokens, the NULS team decided to hard fork its blockchain at block height 87,800.

The hard fork, the team adds, is mandatory and should be complied with as soon as possible. NULS also says it reached out to cryptocurrency exchanges and is actively cooperating with them on the security breach.

CryptoCompare data shows that 94% of NULS’ trading volume is against Ethereum, and that 99.14% of the NULS(ETH trading volume is on the popular OKEx cryptocurrency exchange. Against BTC, its trading volume is mostly split between Huobi Pro, Huobi Korea, Binance, and OKEx.

The security breach hasn’t notably taken a large toll on NULS’ price, as the cryptocurrency is currently trading at $0.2364 after falling 1.38% in the last 24-hour period. NULS claims to cater to various applications, using modular designs to make it easier for small businesses to implement blockchain solutions.

As CryptoGlobe reported, earlier this month the VeChain Foundation was also hacked, as its “buyback address” was compromised by hacker who managed to steal 1.1 billion VET tokens, then worth around $6.5 million, from it.

Featured image via Unsplash.