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There are no details to this supposed hack and the used attack vector. The given information is so vague, this is indistinguishable from an exit scam. I hope t

by bhaak 9y ago

There are no details to this supposed hack and the used attack vector. The given information is so vague, this is indistinguishable from an exit scam. I hope they will come forward with more information but Veritaseum has always looked fishy, about 98% of the tokens are held by one address https://etherscan.io/token/0x8f3470A7388c05eE4e7AF3d01D8C722b0FF52374?#balances https://etherscan.io/token/0x8f3470A7388c05eE4e7AF3d01D8C722... and are not in free circulation.

baraah 9y ago
With the market cap beeing $360.000.000[0], and only 2% beeing in circulation, the value of the stolen tokens seems to be higher than the value of all coins in circulation. 2% of $360,000,000 are $7,200,000 and the hacker stole more than eight million. Or did I get this wrong somehow? [0] https://coinmarketcap.com/assets/veritaseum/ https://coinmarketcap.com/assets/veritaseum/
- mkagenius 9y ago
  2% represent the $360M(market cap, in circulation). 100% is 50 times that, $18B (total supply), i.e. 100M tokens. What is stolen is 0.07% of 100M tokens which is 70K tokens, which is roughly $12M for current market price.
  - ConfucianNardin 9y ago
    According to the founder, the amount of stolen tokens is 37k: https://bitcointalk.org/index.php?topic=1887061.msg20355530#msg20355530 https://bitcointalk.org/index.php?topic=1887061.msg20355530#... That number also matches the number transferred (36,687.9382688909) to this wallet mentioned in the article: https://etherscan.io/address/0x3fff90bf314673194c3a265ed1c0aa68f59550c4#tokentxns https://etherscan.io/address/0x3fff90bf314673194c3a265ed1c0a.... Also, according to two other articles (linked from the bitcointalk thread), cite the value of the stolen as US$4.5M, not US$8.4M: http://www.altcointoday.com/ethereum-ico-veritaseum-suffers-4-5-million-hack/ http://www.altcointoday.com/ethereum-ico-veritaseum-suffers-... http://www.newsbtc.com/2017/07/24/yet-another-ethereum-ico-gets-hacked-veritaseum-loses-us4-5m/ http://www.newsbtc.com/2017/07/24/yet-another-ethereum-ico-g... Checking market charts around the time it happened (~00-08 July 24th), there's a significant dip in value, with the price going as low as US$~122: https://coinmarketcap.com/assets/veritaseum/#charts https://coinmarketcap.com/assets/veritaseum/#charts. At that rate the stolen tokens would be worth US$4.48M.
    - mkagenius 9y ago
      Then the 0.07% number was probably wrongly estimated by the founder, that number would be 0.037% then. He might have missed the 3 before 7. Anyway, that explains it.
microwavecamera 9y ago
I was reading the "post-mortem", which oddly enough is posted to a forum, doesn't actually explain how the incident occurred and not posted to their website and came across this: "Another point that I would like to make clear is that Veritaseum tokens are software that represent our knowledge, advisory and consulting skills, products and capabilities. Without the Veritaseum team, the tokens are literally wortheless! If someone were to someone confiscate 100% of the available tokens, all we need to do is refuse to stand behind them and recreate the token under a new contract." So if something goes drastically wrong the game plan is to just abandon their cryptocoin altogether and walk away? That doesn't exactly inspire confidence but then again I still haven't been able to figure out what Veritaseum actually does. The rest of the post-mortem is just deflecting from the incident and misdirection: "The Sr. partner of distressed credit of one of the world's largest funds specifically took the meeting after hearing about what we are doing. "This is big, very big" (that is an exact quote from the person who arranged the meeitng, who is a 40 yr veteran of Wall Streat, a literal brand name know by nearly every experienced professional - someone who had aggressively jumped on board team Veritaseum to assist in business development)" Who? That is in addtion to our Veritizing a medical practice as a showcase for doctors and healthcare biz pros around the world to emulate (using Veritas, of course). Think of us just capturing 50 basis points of all of the medical practices and related healthcare businesses in the world Again who??

by bhaak 9y ago

baraah 9y ago

With the market cap beeing $360.000.000[0], and only 2% beeing in circulation, the value of the stolen tokens seems to be higher than the value of all coins in circulation. 2% of $360,000,000 are $7,200,000 and the hacker stole more than eight million. Or did I get this wrong somehow? [0] https://coinmarketcap.com/assets/veritaseum/ https://coinmarketcap.com/assets/veritaseum/

mkagenius 9y ago
2% represent the $360M(market cap, in circulation). 100% is 50 times that, $18B (total supply), i.e. 100M tokens. What is stolen is 0.07% of 100M tokens which is 70K tokens, which is roughly $12M for current market price.
- ConfucianNardin 9y ago
  According to the founder, the amount of stolen tokens is 37k: https://bitcointalk.org/index.php?topic=1887061.msg20355530#msg20355530 https://bitcointalk.org/index.php?topic=1887061.msg20355530#... That number also matches the number transferred (36,687.9382688909) to this wallet mentioned in the article: https://etherscan.io/address/0x3fff90bf314673194c3a265ed1c0aa68f59550c4#tokentxns https://etherscan.io/address/0x3fff90bf314673194c3a265ed1c0a.... Also, according to two other articles (linked from the bitcointalk thread), cite the value of the stolen as US$4.5M, not US$8.4M: http://www.altcointoday.com/ethereum-ico-veritaseum-suffers-4-5-million-hack/ http://www.altcointoday.com/ethereum-ico-veritaseum-suffers-... http://www.newsbtc.com/2017/07/24/yet-another-ethereum-ico-gets-hacked-veritaseum-loses-us4-5m/ http://www.newsbtc.com/2017/07/24/yet-another-ethereum-ico-g... Checking market charts around the time it happened (~00-08 July 24th), there's a significant dip in value, with the price going as low as US$~122: https://coinmarketcap.com/assets/veritaseum/#charts https://coinmarketcap.com/assets/veritaseum/#charts. At that rate the stolen tokens would be worth US$4.48M.
  - mkagenius 9y ago
    Then the 0.07% number was probably wrongly estimated by the founder, that number would be 0.037% then. He might have missed the 3 before 7. Anyway, that explains it.

microwavecamera 9y ago

I was reading the "post-mortem", which oddly enough is posted to a forum, doesn't actually explain how the incident occurred and not posted to their website and came across this: "Another point that I would like to make clear is that Veritaseum tokens are software that represent our knowledge, advisory and consulting skills, products and capabilities. Without the Veritaseum team, the tokens are literally wortheless! If someone were to someone confiscate 100% of the available tokens, all we need to do is refuse to stand behind them and recreate the token under a new contract." So if something goes drastically wrong the game plan is to just abandon their cryptocoin altogether and walk away? That doesn't exactly inspire confidence but then again I still haven't been able to figure out what Veritaseum actually does. The rest of the post-mortem is just deflecting from the incident and misdirection: "The Sr. partner of distressed credit of one of the world's largest funds specifically took the meeting after hearing about what we are doing. "This is big, very big" (that is an exact quote from the person who arranged the meeitng, who is a 40 yr veteran of Wall Streat, a literal brand name know by nearly every experienced professional - someone who had aggressively jumped on board team Veritaseum to assist in business development)" Who? That is in addtion to our Veritizing a medical practice as a showcase for doctors and healthcare biz pros around the world to emulate (using Veritas, of course). Think of us just capturing 50 basis points of all of the medical practices and related healthcare businesses in the world Again who??