So there was an EOS hack today. Interestingly, the hacker spent $1,000 to deploy the hack which resulted in over $110,000 being stolen through an EOS gambling app called EOSplay.
A bug in the game allowed the hacker to take a nice 30,000 EOS as it was coupled with the biggest decentralized financial app on EOS called EOS REX.
According to the report, the hacker used REX in order to ensure that blocks were filled with their transactions, allowing them to win continuously on EOSPlay. As previously reported, EOS REX is the biggest DeFi platform by a comfortable margin, having 331 million in EOS placed on the platform at press time, according to DeFi.Review website.
Dan Larimer later tweeted this in response to the hack report:
“EOS is operating correctly. This is no different than when attackers flood eth or bitcoin with high fee transaction spam. The network didn’t freeze for token holders, there was just no extra bandwidth available for free use.”
While the hack shows that crypto networks are not perfect (even the over hyped EOS blockchain), it does show that crypto prices often skip over fundamentals in favor of randomness. EOS is up 8% today... although I hate the wording in this article as they say it "surges over 8%"... 8% is child's play in crypto. That's far from the definition of "surge".
Regardless, Dan was a co-founder and lead dev in building the Steem blockchain a few years ago.
He left Steem and claimed that EOS would be the Steem-killer... whelp, still waiting on that to pan out. Looks like it never will.
Honestly, EOS dapps are pretty terrible. When you look at EOS compared to Steem, it's laughable to think that EOS is "better" than steem in terms of usability and utility. EOS is an overhyped blockchain with massive mounds of cash that
enable perpetual hype machines.
Once those cash reserves fail, what's left is a blockchain that is mostly filled with gambling apps.. and now gambiling apps that are vulnerable to hacks.
I'm still here on Steem because the grass is not greener over on EOS... Steem has grass that is kept by the community and will always be vibrant and radiating with warmth and opportunity.