Veritaseum Hacked

On July 23, 2017, around 9:00 a.m. ET, developers at Veritaseum noticed a gradual attack; Veritas (VERI) tokens were being funneled to an unknown wallet.

By exploiting an undisclosed weakness in Veritaseum’s system, the attacker slowly funneled around $8.5 million worth of VERI tokens away from the company, according to CEO and founder Reggie Middleton, who made a post on a social media forum. On the heels of a heated debate over a lack of security on social media that followed a hack of CoinDash, Veritaseum was under scrutiny by community members who were skeptical of the company’s security protocols that lacked SSL, or cryptographic protocols used to relay information across a computer network.

According to Middleton, the team took immediate steps to lock down its end. In conversation he told ETHNews, "It's actually a small bump in the road." Middleton said his team knows how the hack took place and have taken measures to prevent it from happening in the future. Without going into explicit detail, he expressed that some of his partners (unnamed corporate third parties) may be liable for the susceptibility. Middleton did not disclose the attack vector which was exploited.

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.
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