ICO madness - The CoinDash debaclesteemCreated with Sketch.

in crypto •  2 years ago 

3 minutes... 3 minutes aint a long time but that was all it took for an unknown thief to hack the latest ICO offering who got away with over 7 million worth of Ethereum in the process. 7 million is certainly a far cry from the 50 million that was stolen in the now infamous DAO hack but who we kidding here, for most people it would be life changing.

Israeli based CoinDash launched it's initial coin offering on July 17th which provided investors with the ability to purchase their token using ETH. However after the first 15 minute (whitelisted investors only offering) a hacker infiltrated the Coindash.io website and simply changed the address that the now public investors were sending money too, scamming more than 2000 investors in the time it takes to make a coffee.

It only took CoinDash 3 minutes to notice something was wrong but by that time it was to late...

"It is unfortunate for us to announce that we have suffered a hacking attack during our Token Sale event," reads a statement posted on the company's official website.

"During the attack, $7 Million was stolen by a currently unknown perpetrator. The CoinDash Token Sale secured $6.4 Million from our early contributors and whitelist participants, and we are grateful for your support and contribution."

CoinDash says it will credit investors but the question remains has the damage already been done? In this digital world were nothing is forgotten can CD recover from this? I don't think anyone can disagree that this is not a great start for the newest kid on the block.

"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."

There has been speculation that this could have been an inside job with one poster asking "Is there any proof that this was a hack? What if Coindash put an address in and then cried hacker to get away with free ETH?"

Were you affected by this? What are your thoughts about the relentless ICO's that seem to take place every other week?

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