Taylor Was Hacked, the Crypto Trading App Lost 2,579.98 ETH Worth $ 1.35 M
The Taylor cryptocurrency trading application was attacked by a cybercriminal. The announcement was made on May 21 via Medium.
According to the statement, the hacker managed to steal the full amount of funds collected from Initial Coin Offering project, as well as the currencies saved as TAY tokens. Some details have indicated to developers that the attacker might be the same that caused problems to CypheriumChain in March 2018.
“Today we arrived at the office and found out that we’ve been hacked and all of our funds have been stolen. Not only the balance in ETH (2,578.98 ETH), but also the TAY tokens from the Team and Bounty pools,” reported Taylor.
The hacker stole 2,579.98 ETH
Following the technical investigation, it was found that the hacker stole 2,579.98 ETH worth $ 1.35 million, money which was collected through the last ICO project. Instead, the hacker failed to steal funds stored in the founders ‘and advisors’ pools, according to the crypto platform. The reason why this was impossible is that these are based on a vesting contract, and no third party has access to those financial resources.
According to the platform’s suspicions, the hacker tried to sell the tokens on the platform dubbed IDEX. Speaking about the cyber attack, the company stated that:
“We are still investigating the cause and source of the hack. We still cannot disclose much information right now. What we can say is that it was not a smart contract exploit. Somehow the hacker got access to one of our devices and took control of one of our 1Password files.”
In a post published by the Co-founder and CEO of Taylor Fabio Seixas, it’s explained that:
“It turns out we have been hacked and lost almost all of our funds. We now have only about $25,000. To be honest, it doesn’t even pay this month’s bills. This incident forced us to stop, step back and think about the future.”
The first measure the developers behind the application Taylor undertake is replacing the missing TAY tokens. According to the team, the attacker stole 7% of the total token supply.
“The new tokens will be sent to every address that had balance at the block number 5663273, except the hacker’s addresses. This action is necessary to keep a fair environment and distribution for token holders.”
Investigating the case, the Taylor team found that the same hacker might be responsible for the attack on CypheriumChain held in March 2018, given that the crypto wallet used is the same for both incidents.