Crypto Current Affairs—$7 Million CoinDash ICO Hack + Chinese Record Breaking Press.One ICO!
In a upsetting news a new startup CoinDash had to halt it's ICO after it became the latest victim to a hack. Unidentified hacker replaced the ethereum address used to receive funds with his own, ergo directing over $7m in funds to the hacker's account.
The ICO was able to raise approx $7.53m in funds before it was compromised. CoinDash ICO was highly anticipated by investors who now are being compensated with CDT (CoinDash tokens).
In an official statement from CoinDash website:
CoinDash will credit investors who sent ETH to the fraudulent address with the CDT amount they would have received by sending their ETH to the correct smart contract address. We are currently gathering information regarding each of the attack victims and will release the complete list for our contributors and community review shortly.
CoinDash will further compensate its contributors using the resources at its disposal. More details will be released as soon as we have a complete list of all the people who were affected by this attack.
CoinDash has requested traders not to send any fresh ETH to its project as the ICO has been stopped. Some contributors are alleging that the startup is linked to a previous scam.
At press time, CoinDash has shut down the website for ICO and is now requesting investors affected by the hack to submit information to the link provided to collect CoinDash Tokens which they should have received through the sale.
Has anyone here affected by this? I hope you receive your CDT tokens. Don't you think this also brings back some memories of the BitFinex hack for some reason?
Chinese Bitcoin Tycoon Raises A Record $82m in ICO!
In an interesting new development from China. Popular entrepreneur and Bitcoin tycoon Li Xiaolai managed to set a new record for investment funds raised via ICO. His Press.One startup is a decentralized content distribution platform based on the @dantheman's new EOS blockchain technology.
Growing popularity amongst the Chinese for Bitcoin and cryptocurrencies has quickly resulted in ICOs gaining popularity for their unique method of crowdfunding investments. The numbers were apparently less than expected as the cryptocurrency markets tanked over the past week and they fell short of raising their initial target of $200m.
However, Press.One ICO managed to collect approximately, 5,853 Bitcoins, 106,757 Ethereum and 30,430,519 EOS tokens from 14,104 participants. This is a fantastic number by any measure.
As it turns out, Steemit with its incentive based platform happens to be a competitor to Press.One as the purpose of this ICO is to build a public blockchain based on the EOS technology. But it's interesting to note that many users of 8BTC, Steemit and other websites have raised questions on the legality of the ICO. It would be wise to remember that Cryptocurrency ICO funding space is never without any controversy.
To his credit, Li Xiaoli established Yunbi. It is currently the 7th largest exchange in the world. He's known as one of the top investors in the cryptocurrency space and reportedly owns thousands of bitcoins.
Have you invested in the Press.One ICO? What was your experience buying tokens from this ICO and what is your expectations for this new platform?
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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@firepower - It is a shame that all the ICO hard work from the teams as well as investors goes to naught with such hacking incidents! Thanks for the update. Will help Steemians keep a wary eye out for scams when they dabble in ICOs. The Press.One news is interesting. Is China trying to build their own alternative to Steemit (like they have built Baidu for Google etc.). Thanks for this informative blog. Upvoted and followed.
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I think the first mention above may be on the mark - SteemIt vs FaceBook vs PressOne - competition's fierce!
what is this man! what they are doing that's means cryptocurrency is not safe :(
This ICO totally went under my radar! Why wasn't there more news about this? They want a decentralized content platform and don't inform anyone in the west. So did all those investments come from Chinese people?
So sad hackers are always looking for a opening or a security breach where they can take benefit.
That is very true! Its like any little chance they get, there in there..
I have not invested in any ICO so far and just have my eye on one.
But this leaves a sour taste in my mouth.
Intresting. What to expect from Press.One? What do you say?
Wow, those hacks are reaching new levels! I am always amazed to hear about new ones. Thanks for sharing this interesting post, @firepower. I will definitely read your next post. I have just upvoted and followed you as well ;)
Glad to share! :)
heading out the door man, I am reading this later.
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Haha sure!
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Thank you! :)
Man, these hackers are the new "Bank Robbers." Really sucks.
It sure does! Sad!