A hacker managed to steal over $7m in cryptocurrency last week after a blacklisting system failed to do its job and protect a compromised account.
The incident was revealed at the weekend by EOS42, a London-based community and one of the “block producers” (BPs) behind the EOS digital currency.
It explained that a blacklist is used to effectively freeze any accounts that may have been hacked. However, it is maintained by 21 block producers, which are custodians of the EOS.IO blockchain and the biggest miners of the currency.
By Phil Muncaster
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