Science

Hacker steals Rs. 2.5 crore worth of cryptocurrency Stellar Lumen

16 Jan 2018 | By Bhavika Bhuwalka
Rs. 2.5 crore worth of cryptocurrency stolen

About $400,000 (Rs. 2.5 crore) worth of the cryptocurrency Stellar Lumen has been stolen.

The DNS servers that host BlackWallet, the web-based wallet application in which the currency is stored, was hijacked by a hacker.

He stole a total of 669,920 Stellar Lumens from the wallet users' accounts.

Here is more on it.

In context: Rs. 2.5 crore worth of cryptocurrency stolen

16 Jan 2018Hacker steals Rs. 2.5 crore worth of cryptocurrency Stellar Lumen

DetailsHacker has moved all stolen currency to exchange platform Bittrex

According to media reports, the hacker had added a code to the server that transferred all deposits of 20 and above into his wallet.

He then moved the stolen currency to an online exchange platform called Bittrex, from where he could easily convert it into other virtual currencies to avoid suspicion.

The hacker has not been identified yet.

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Move your funds to a new wallet: BlackWallet's creator

BlackWalletMove your funds to a new wallet: BlackWallet's creator

Notably, once BlackWallet was made aware of the theft, it tried to alert its users via other forums but to no avail.

Disabling the digital wallet, its creator said, "I am in talks with my hosting provider to get as much information about the hacker. If you ever entered your key on BlackWallet, you may want to move your funds to a new wallet."

Background$11.6 billion worth of Stellar Lumens currently in circulation

Stellar Lumen touts to be an open-source payments network that makes monetary transactions quicker, cheaper, and more reliable.

Currently, there is around $11.6 billion worth of Stellar Lumen cryptocurrency in circulation, according to reports.

Further, Stellar Lumen, that works using the blockchain technology, is considered to be the world's eighth most popular digital currency.