Hackers carried out manipulations in the network of stable coins PegNet, as a result, the balance of their wallet increased 609 thousand times. The funds received were destroyed on the same day.

Using the manipulations of the PegNet stable coin network, miners increased the balance of their wallet from $ 11 to $ 6.7 million. Four hackers took 70% of the computing power of the system in 20 minutes, thanks to which they could repeatedly increase the rate of the pJPY stablecoin tied to the Japanese yen. After that, the assets were transferred to the pUSD token, but they could not be liquidated on the exchange, CoinDesk writes.

According to the chairman of Factom Inc. and one of the organizers of PegNet, David Johnston, miners could not transfer most of the pUSD to their own cryptocurrency of the PEG system, since the protocol does not provide for the possibility of quick conversion. Then, the hackers contacted the developers of the project and said that they tried to conduct a network test to identify possible vulnerabilities. They destroyed the received tokens on their own, sending them to the address for burning on the same day.

“The actions of the miners are more like trickery than an attack, given the short duration and actions later,” Johnston commented.

Now the developers have announced plans to improve the platform systems to protect against such attacks in the future. The company expects more attacks on the service as the value of the assets stored in it increases.

Earlier, a hacker hacked the dForce ecosystem and withdrew $ 25 million from it, but returned the funds after the exchange reported the IP address of the attacker to the police. There was also information that the developers of the EOS Ecosystem wallet closed their project, and allegedly stole $ 52 million, which belong to customers.