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Komodo Hacks its Users of Agama Wallet for Safety

Ledger Nano X - The secure hardware wallet

Komodo, a fast-rising cryptocurrency and project hacked its users of the Agama wallet to protect funds from a potential loss.

According to the announcement, the technical team sensed a vulnerability in its Agama wallet, and without much time to inform users, they transferred BTCs and KMDs to a safer wallet.

The Inside Story

As reported on 5th June 2019, the technical team of the Agama wallet received a notice that there was an issue with a library of the Agama wallet, putting some of the funds at risk.

To prevent another tragedy of users losing their funds, the team had to use the same exploit to convey the funds in the wallet at risk to a different wallet address. They managed to transfer 8 million KMD and 96 BTC to new wallet addresses managed and controlled by the Agama team.

According to the announcement on their official website, all wallets downloaded from the official website is not safe. For this matter, users whose funds are still in their various wallet addresses should consider transferring them to a more secure wallet.

All ledger hardware wallets and Verus version of the Agama wallets are safe to use according to the announcement published on the website. For the sake of safety, all BTC and other cryptocurrencies stored in the Agama wallet has been advised to be transferred to a safer wallet.

GitHub Hacked

Github, another popular online platform was hacked recently, a few days before the Agama wallet encountered vulnerabilities.

Hackers initially made away with 10,000 XRPs, then later made a total of 23 million transactions from under 100 users. This and many more hacking activities launched against cryptocurrency exchanges and wallets have questioned the reliability of online-based wallets.

Cryptocurrency hacking becomes more intense when the market begins to record a good run, and this makes it more difficult for investors as Bitcoin halving is expected to cause a serious market bull run.

Bitcoin has a number of price heights to climb according to its price history, and more of such news should be expected.

Excellentjohn
A cryptocurrency and stock writer, analyst and consultant. Contact me on kojokumijohn@gmail.com

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