Here we go again. As written in a previous article about InsureX's ICO being hacked, the nightmare has resurfaced in an even bigger heist.
What Happened
CoinDash's Token ICO page was tampered and the Ethereum sending address was changed, very similar to what happened to InsureX last week.
In a direct quote from the CoinDash team:
“This is an emergency message delivered to you in order to stop you from sending your money to an unauthorized ETH address.
It seems like our Token Sale page was tampered and the sending address was changed. Please stop from sending your funds to any of the addresses until we say otherwise.
We are currently examining the situation and will shortly send further instructions.”
Amount Stolen: 43,000 ETH Stolen (~ $7.4 Million)
People Affected: ~ 2,130
You can view it for yourself here at Etherscan
The Concern
As stated in my previous article about another ICO's site being hacked. I am truly beginning to become concerned with the current format of how ICOs are being conducted. There needs to be a true reform and standard created for this growing industry that will help keep their investors safe.
I am, by no means, proposing some formal regulatory group to oversee this space, but a general consensus and standard created by the people. - the way the ERC20 token standard was formed.
A safe, secure and standardized way of conducting an ICO because in the long run it will help with confidence in this new thriving investment space.
Thoughts/Questions
- Does this now concern you going forward about the legitimacy of an address on a ICO's website?
- What other solutions could be deployed to mitigate this sort of thing in the future?
- Do you think CoinDash will reimburse those affected?
What are they going to do now!
I hope at a minimum they reimburse those who lost their money but the problem is that they suspended the raise I believe.
Are all these seriously a hack or an inside job? 🤔
Right! I am wondering the same thing! Either way, it's bad for the cowdfunding space
Yeah, that's the disadvantage of decentralized system, but that is its beauty too. I know most regulatory bodies are on the side line watching like a hawk, itching to jump in and regulate the ish out of cryptocurrency, especially its ICO. Lol
Yep! Upvoted
This post has received a 4.76 % upvote from @booster thanks to: @cryptoblood.