Coindash hacked during its ico

$7 Million Lost in CoinDash ICO Hack

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ICO's have been the talk of the town lately, and some projects coindash hacked during its ico to raise hundreds of millions of dollars during their crowdsale. But this can also go wrong:. The DAO Hack was followed by a lot of criticism and press, creating a very negative influence on the cryptocurrency market as a coindash hacked during its ico. The company stated that they are wholly responsible for the attack and that apologized to their contributors.

A screenshot from Etherscan, showing the stolen transactions and its value. Nevertheless, this event took a huge toll on both the company's financial situation as well coindash hacked during its ico its relationship to the customers.

But CoinDash remains positive and stated that they will continue with their work like normal. CoinDash itself have not released a statement about the cause of the hack yet. But there have been some assumptions posted from a social media account: Wu GuanggengCOO of Chinese mining pool Bixinassumes that the breach might have been made via the domain name server provider.

According to CoinDesk, he indicated that "his source for the information was a WeChat official account that publishes cryptocurrency news for subscribers. Then, he might have contacted coindash hacked during its ico DNS provider using the registered email to request that the traffic gets redirected to his fake site.

Critics say that the company shouldn't have simply published an ETH address on their website. That makes it way too easy for Hackers to simply replace that address with their own. Obviously, most ICO providers will now re-check their security measures to make sure something like this won't happen again in the future. We can also be sure that a lot of negative press will follow this event, especially from mainstream media and cryptocurrency critics.

Many people have been criticizing ICO's and were only waiting for an opportunity like this to condemn the technology and claim that ICO's are not safe. While most "insiders" in the crypto scene will know that this coindash hacked during its ico an exception and has nothing coindash hacked during its ico do with the whole concept of ICO's or even the security level of cryptocurrencies in general, it still reminds us how important it is to be aware of hackers at all times.

Want to get featured on my blog? Register for Steemit Promo. Yes, you have a point! And hacking attacks like this will always occur again, because everybody thinks "oh it won't happen to me " In fact that whole ICO stuff totally escalated When they have for example no skills in coding, no network of people or just want to make the quick buck - should stay out of whole crypto space: Whoa, I'm impressed they are still honoring all the contribution to the fake account with CDL.

Right thing to do. I know the effect will be temporary perhaps but the crypto world could have done without this when the bloodbath in crypto is just getting over? I am not an expert to be able to comment on whether coin-dash could have handled the ICO better by setting up smart contract but it does seem so from what I am reading from other experts.

As to the aftermath, I think they are stepping up to protect customer's interest. I request you to honor my blogs by a visit and comments if possible when you have time. I will feel extremely proud. It was definitely bad timing with the crypto market crash last week. Well since the company coindash promised that they will STILL reward every customer with tokens, even though some of them sent their payment to a fraudulent address, essentially coindash themselves have to come up for the loss.

I'm not sure how exactly, but they are the ones who have to bear the loss, so they must have a plan. Either way, it will definitely be damaging to the company. Yes, Ethereum is already coindash hacked during its ico strong of a currency itself to be set back by news like this. Also, since this attack was 3 days ago now, it seems like people are slowly getting over it.

I haven't seen this story making many waves on any of the mainstream media so I don't think that the fallout from this will be as bad. People will try to blame the cryptocurrency. But really this wasn't any kind of technical problem.

Human error allowed this. As people said the most simple thing to do would just be to use a smart contract within the ether network. That aside, I doubt that Coindash hacked during its ico will be able to compensate these people. Only time will tell. Biggest thing it will just remind companies doing these ICOs to be careful. Yes I totally agree. This could have been avoided, and making a big story about "the lack of security in ICO's" coindash hacked during its ico be totally false but still, I coindash hacked during its ico have imagined some press writing things like that.

I could see it too. If it does pop up in mainstream media, we won't be surprised. I very much dislike how they try and vilify crypts or present them as unsafe. When every situation like this has really been due to human error. Just more excuses to crack down on cryptos. Still, good article as always.

In this industry and in any online venture in general, anytime you fucked something up or need to cut and bounce you blame it on a hacker. Someone tripped over the cord? This is basic web security, nothing to do with cryptocurrencies. If you put up a bank account on your website and many people send money to it, you make yourself a target. Many people would want to replace your bank account number with theirs so they get the money.

If they know there will be a large and fast sending of cash, this gives them incentive and time to find some security hole in your system. If the hackers really did redirect the domain name to point to their own server, what kind of a hosting company was the CoinDash team using? Obviously the hosting company is an extremely important part of the security and if they didn't have a good one, how did people send them so much money?

Don't they check for these things before investing lots of cash? I don't know too much about smart contracts so I'd be curious to learn how they might get around these problems. This has nothing to do with the security of ICO's or cryptocurrencies in general. I just wrote that critics might use this as an excuse to talk negatively about the crypto markets.

The fact that they got hit with a simple bait and switch of their account numbers speaks volumes This post has been ranked within the top 10 most undervalued posts in the second half of Jul See the full rankings and coindash hacked during its ico in The Daily Tribune: Jul 19 - Part II.

You can also read about some of our methodology, data analysis and technical details in our initial post. If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment. But this can coindash hacked during its ico go wrong: But only 13 minutes after the start of the token sale, an unknown Hacker managed to work his way into the system and replace the ETH address on the website with a fake one.

Despite the attack, CoinDash still promised to compromise for the loss and still give out tokens to everyone who sent funds to the hacker's address.

And how could this have been prevented? What consequences will this coindash hacked during its ico have? What do you think - did CoinDash handle the situation well? How will this hack affect the future? Authors get paid when people like you upvote their post. Thank you for this article with an update on the security issue. Am speechless, what a big loss. Am confuse though, who bears this loss?

We should be more careful How will they be able to afford to compensate users? I am suprised that Ether growing up today. Default position, blame the Russians if nothing else works. Bad for a start. I think they should look inwardly coindash hacked during its ico finding out what and how it happened.

I just don't believe these things are coincidence

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Israel-based CoinDash — which bills itself as an "an operating system" for "interacting, handling and trading crypto assets" — launched what's called an initial coin offering. This is a process in which people buy virtual tokens from a fledgling biz, such as CoinDash. These tokens are vital to whatever service the company is offering. As the startup grows, these tokens are supposed to increase in value. Buying the tokens early is akin to buying shares during a normal business's IPO.

It's a way of crowdfunding investment. Security and financial technology experts voiced concerns that this latest online heist only serves to undermine confidence in digital currency trading platforms.

The thieves changed the Ethereum address for the initial coin offering address to their own money store after hacking CoinDash's site, the startup said.

In the process, the crooks were able to trick backers into sending Ethereum digital cash to an account under their control before the assault was detected and the plug was pulled on the scam. In a statement on its site , CoinDash admitted the infiltration, and said that victims tricked as a direct result of the website hack will be compensated in CoinDash tokens. More than half the funds paid by supporters went into the pockets of as yet unidentified cybercriminals.

It is unfortunate for us to announce that we have suffered a hacking attack during our Token Sale event. CoinDash is responsible to all of its contributors and will send CDTs reflective of each contribution.

Transactions sent to any fraudulent address after our website was shut down will not be compensated. This was a damaging event to both our contributors and our company, but it is surely not the end of our project. We are looking into the security breach and will update you all as soon as possible about the findings.

CoinDash added that it was still under attack. Tracking down the cybercrooks will be a battle of technical skills between attackers and those hoping to catch them, according to security experts.

Not holding my breath. Even tracking down the criminals won't undo the damage already done to CoinDash, which has joined a growing list of hacked or otherwise compromised digital trading platforms. Fintech and payments technology guru Neira Jones agreed that the CoinDash hack is not going to have a good effect on confidence. Kyle Wilhoit, senior security researcher at DomainTools, added: Insurex, another trading platform, suffered a similar problem last week after hackers hijacked a Twitter feed to post fraudulent messages about pre-sales, directing marks to send digital cash into an account controlled by the crims.

Insurex responded by warning punters to be wary of followup scams. Elsewhere, South Korean police are probing an online subversion attack detected last month on Bithumb — one of the world's biggest Bitcoin exchanges — that exposed the personal details of thousands of traders.

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