How Much Did Balina Lose in the Recent Hack?

Hacks and Cybersecurity, News, Opinion

Ian Balina’s Ethereum wallets were hacked, and the question on everyone’s minds is ‘how much was stolen?’

Essentially, this is not a complex question considering how cryptocurrency’s tractability and immutability allow all users to view transactions that have taken place. Balina also posted his hacked Ethereum addresses online as a means of seeking help from the general public.

Balina posted three of the hacked addresses that can be found here, here, and here. This allows us to clearly see which ERC-20 tokens were stolen and how much. From the first link, we can see that there are two different tokens: Loom Network (LOOM) and Nucleus Vision (NCASH). EtherScan gives us a reasonably accurate rate of how much each coin is currently valued at. In this wallet there are 141,390 Loom, which EtherScan values at $25,829.13 (1 LOOM = $0.1827). The Nucleus Vision at the address is valued at much more— $630,300.00 (each 1 NCASH = 0.0420). This makes for a total of $656,129.13.

The second hacked address reveals that a total of $303,778.09 worth of ERC-20 tokens has been stolen and is still at the address. These are split between 12 separate tokens, the most lucrative of which being ArcBlock at the value of $45,766.24. A substantial amount of Power Ledger tokens were also stolen ($43,274.82). However, this does not account for everything that was in the address, as some of the tokens have already been sent to other locations that are being controlled by the hackers. An additional $1,120,378.91 has been transferred to other locations in the form of Loom, Simple Token, Parento, Nebula, and Dragon.

The third address posted by Balina shows a total of $240,380.38, with Nucleus Vision once again being the most valued at $177,955.49.

This amounts to a total loss of at least $2,320,666.51. As this is still a developing story, it is also possible that more has been lost and that Balina either has not noticed yet or has chosen not to publicise it. Depending on how well distributed Balina’s wealth is, both in terms of fiat and other cryptocurrencies, this could place him under extremely harsh financial pressure. People are speculating that the next move for the hackers will be to convert most of his assets into fiat or possibly use Monero to cut ties with the associated addresses.

 

Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.

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