Friday , May 14 2021

Hacker uses Bitmain assets to inflate the price of MANA crypto currency

Ethereum Hacker

Bitmain, the world's largest cryptocurrency mining company, has sued a computer hacker using the pseudonym "John Doe" to steal about $ 5.5 million in 617 bitcoins.

The company claims that the hacker has reached Bitance's account of Binance on April 22, 2018. However, John Doe did not remove the bitcoins that were impossible because of Bitcoins' direct security measures. The change made a more detailed maneuver.

He used bitcoins from Bitmain to manipulate the price of the low-priced MANA crypt. This medallion was created by the decentraland platform and worth less than a penny. In addition, the operation volume is only 10 million USD per day; That made him an easy target. The hacker bought all the MANAs that he could buy with the money to finish, which increased the volume of daily operations to $ 100 million.

This has led many investors to buy MANA, which further increased the price of the cryptoactive. Worldwide, MANA's average price rose to 0.23 USD during hacker transactions. In Binance, the price increase reached the highest level with a maximum of 0.32 USD.

After the price is inflated, it is possible that John Doe will receive a huge amount of MANAs before the sold attack. Later, the hacker gave orders to buy Mana at prices well below market value, and used the Bitmain wallet to accept such orders.

In short, this original strategy resulted in a single day without taking out the crypto-currency directly from the wallet's wallet, using approximately $ 5.5 million from bitcoins from the Bitmain Wallet.

Finally, the hacker changed funds for a few crypto currencies to leave no trace.

Source link