[2017-07-18] $7 Million Lost in CoinDash ICO Hack

[sheld0n]

An initial coin offering (ICO) for a little-know startup project called CoinDash was abruptly halted today when it was revealed the sale had been compromised shortly after it began.

In total, the ICO was able to raise $7.53m before the ethereum address it was using to solicit funds was altered to a fake one by an unidentified hacker, resulting in the ether going to another source.

At the time of publication, the CoinDance website has been shut down, and the project is asking investors who have been affected to submit information to the provided link to collect the CoinDash token (CDT) they should be rewarded through the sale.

Full Article

[Baofeng]

An initial coin offering (ICO) for a little-know startup project called CoinDash was abruptly halted today when it was revealed the sale had been compromised shortly after it began.

In total, the ICO was able to raise $7.53m before the ethereum address it was using to solicit funds was altered to a fake one by an unidentified hacker, resulting in the ether going to another source.

At the time of publication, the CoinDance website has been shut down, and the project is asking investors who have been affected to submit information to the provided link to collect the CoinDash token (CDT) they should be rewarded through the sale.

Full Article

This will have a lot of bearing specially that there are a lot of ICO that is popping around the corner. If investors read this then they will have doubts in investing in an ICO. I don't know how investors now can recover their investment and I hope that the company can give them the tokens they bought. Let this be a lesson to all other ICO out there to really secure their funds because hackers are really targeting the crypto world because of the huge amount of money involved.

Edit: Here's the official ANN thread of CoinDash and its indeed they are confirming that there is a hacked.

https://bitcointalk.org/index.php?topic=1831969.200

[iamTom123]

I am actually promoting this ICO on social media sites and was planning to buy some tokens as the project is good and they are manned by credible people on the team. It is sad that something happened which can really derail the project. I am hoping that they can still be able to pull this through.

The big lesson here is always be security conscious and hire people who are always ahead of hackers and scammers as all transactions whether Bitcoin or Ethereum are all considered final and there is no turning back for the funds (unlike with PayPal and other payment facilities online).

However, I don't believe this will stop the current ICO frenzy as this is just an isolated case. There are other good ICOs coming though if I were to decide I will move them beyond the August 1 schedule.

[Who_]

Hey guys,

How would it make you feel if you contributed to the case?

I'm asking you guys for questions that are relevant to the hack and the situation here:

https://bitcointalk.org/index.php?topic=2037574.new#new

Why?

Because I'm having an interview with them and I want to know what you guys want to know!

Here's what you can expect:

Answers to relevant questions!

Here's how you can help:

A) Go to the topic and give a question
B) Go to the topic, copy the link, and share it with somebody that invested in CoindDash's ICO
C) If you don't care, please understand that i am just trying to create value as a journalist

Here's the link again:

https://bitcointalk.org/index.php?topic=2037574.new#new