Connect with us

$7 Million Lost in CoinDash ICO Hack

Cryptocurrency

$7 Million Lost in CoinDash ICO Hack


An initial coin offering (ICO) for a little-know startup project called CoinDance was abruptly halted today when it was revealed the sale had been compromised shortly after it began.

In total, the ICO was able to raise $7.53m before the ethereum address it was using to solicit funds was altered to a fake one by an unidentified hacker, resulting in the ether going to another source.

At the time of publication, the CoinDance website has been shut down, and the project is asking investors who have been affected to submit information to the provided link to collect the CoinDash token (CDT) they should be rewarded through the sale.

The company’s statement reads:

“Contributors that sent ETH to the fraudulent Ethereum address, which was maliciously placed on our website, and sent ETH to the CoinDash.io official address will receive their CDT tokens accordingly.”

Notably, as the project is still under attack, and the sale has been terminated.

In a statement, CoinDash urged investors not to send any ether to any address, since “transactions sent to any fraudulent address after the website was shut down will not be compensated.”

The hacking of this ICO is reminiscent of last year when $50m was stolen in a similar fashion from a project called The DAO. As such, the event will likely again draw attention to possible security issues in ICO funding, amid their escalating popularity.

Hacked image via Shutterstock

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].



Source link

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More in Cryptocurrency

Donate BTC To Us!

Everything provided on this site is for free. If you would like to donate, you can send BTC to my wallet. Any amount is appreciated!


1JzndnR3UykosSYb7N7UEpapQNQF5i7CXP






To Top

Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home/thewaitress/public_html/wp-includes/functions.php on line 3721