KickICO Loses $7.7 Million in Hacking Incident
The company claims the security breach that allowed the hackers to steal the funds happened on July 26th at 09.04 UTC. By hacking “the account of the KICK smart contract” the attackers managed to have access to the KickICO token platforms.
In the attack, 70 million KICK tokens were stolen, which would be worth around $ 7.7 million according to current prices. The company claimed it found out about the breach when several users began complaining that their tokens disappeared from their wallets.
“The team learned about this incident after the complaints of several victims, who did not find tokens worth 800 thousand dollars in their wallets,” said in the report.
KickICO has reportedly got the situation under control and managed to fully restore the affected smart contract. The team also claimed that it will return all the funds that have been stolen to its rightful owners. Users that were affected are invited to send an email to email@example.com “for the return of funds to wallets.”
“We’ll return exact amount of tokens to their legit owners. We apologize for the inconveniences but guarantee that the situation is under control,” read the announcement.
Hackers were able to carry out the attack by obtaining access to the private key of the KickCoin smart contract. Afterward, the attackers “employed methods used by the KickCoin smart contract in integration with the Bancor network: hackers destroyed tokens at approximately 40 addresses and created tokens at the other 40 addresses in the corresponding amount.” As a result, the total amount of KickCoins was not affected.
This is the second hacking episode in this month in which the Bancor network was involved.
The fundraising platform suspects that the attack may have been due to the “explosive” increase in KickCoins’ price, which has been happening for the past several weeks. The report stated that KickCoins’ price increased considerably in the last 2 weeks, from 0,04 to 0,12 cents.
The report also noted that KickCoins stood “among top 10 coins in coinmarketcap by growth last week.”