$1.35 Million worth of Ether allegedly stolen by Hacker

Taylor, the smart-trading platform had announced the unpleasant news that an unidentified hacker stole Ether (ETH) worth about $1.35 million USD from the company’s wallets. It is said that the hacker had attacked on May 22 by gaining access to the company devices and took control of its password files which is used to store encrypted user’s data.

Image result for Hacker allegedly stole $1.35 Million worth of Ether from Cryptocurrency Trading App Taylor Jun 1, 2018by Salomon Iyke

Recently they had completed the initial coin offering (ICO) in return for 10 million “TAY” tokens and it is stated whole these tokens had stolen by the hacker. The development team claims that hackers stole 2,578 ether (ETH)and 659,000 TAY tokens. Founders’ and Advisors’ pools’ tokens had not stolen as it was inaccessible for now because of a vesting contract. 

After the investigation the development team had stated that the hacker had stolen the coins and transferred through various adresses and then into a bigger wallet. They assume that the hacker who had stolen 17000 ETH from the CypheriumChain project back in March and this one are the same as the address to which both sets of stolen funds have ended up looks similar.

The team is continuing by its solutions by looking for the possibility of issuing new token and delisting the old ones to avoid the hacker from receiving token. The team also stated that they had analyzed and found where the coin is transferred.

The Taylor team is continuing its investigation by asking the help of  “security specialists” in order to track the activities of the hacker. Anyway the news of cyber-theft was not well received by the cryptocurrency community like Bleeping Computer. And they had asked whether the hacking story is just an excuse for an exit scam like LoopX, Giza, and Confido.

Rate this post

Leave a Reply

Your email address will not be published.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