Hacker Stole $1.35 Million from Cryptocurrency Trading App

Hacker Stole $1.35 Million from Cryptocurrency Trading App

June 19, 2018 Off By Steven Anderson

Taylor cryptocurrency trading app creators claim that a hacker has taken approximately $1.35 million of Ether from the wallets of the company.

The hack took place earlier last week. The Taylor team said the hacker got access to one of its devices and controlled its 1Password files despite an impressive security.

The development team added that all of its funds had been stolen. Aside from the balance of 2, 578.98 in ETH, the TAY tokens from Bounty Pools and the Team were taken. Luckily, the Founder’s and Advisors’ pools have not been accessed. It was because of the vesting contract that made them inaccessible.

Taylor team said that previously-known hacker was behind the attack.

The Taylor team added that the stolen Ether was worth $1.35 million. The group said that the funds had been transferred thru a wide range of addresses into a bigger wallet. The team believed that the hacker is the same person who stole 17,000 Ether from the CypheriumChain project last month. This is the same address to which the sets of stolen funds have recently ended up.

TAY tokens likewise taken in the hack. The funds come from initial coin offering of the company. Apart from the stolen Ether, the hacker took a few of the TAY tokens that the team had created for the initial coin offering. The development group did not disclose the amount of TAY tokens. This means that the hack could be bigger than expected.

After discovering the hack, the team said that it likewise noticed an attempt to dump the stolen TAY tokens as well as exchange them for other known cryptocurrencies out there.

Some of the developers asked the IDEX platform to delist TAY tokens to reduce the chance of the hacker to monetize all the stolen funds. However, this means legitimate owners of TAY tokens and the users who invested in the app ICO will lose the opportunity to start trading. IDEX platform does not have reported decision yet.

Like major ICO hack, rumors appeared claiming that the heist is another exit scam. The Taylor group was to launch its mobile app into beta phase this May. Following the unexpected hack, the group announced last week to stop working on the app. Everyone hopes to track the one behind the attack. And, it hopes to finish the mobile application as soon as possible.

 

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