On Tuesday May 22 2018, Taylor, a smart cryptocurrency trading assistant, notified its members of an alleged hack that led to the loss of more than 2500 ETH. According to their roadmap, Taylor was supposed to launch its Taylor Mobile App Beta this month.
In the announcement, they stated:
“Even though we have unfortunate news to share, we must tell our community the whole truth as we’re committed to the absolute transparency we owe you. That’s the only conceivable course of action we could take in order to live up to the trust and support you have given us.”
The Taylor team claims that when they arrived at their offices on Tuesday morning, they found that they had been hacked and all the funds including the Ethereum balance and the Tay tokens from the team and bounty pools stolen. The only tokens that survived the raid were the ones from the Founders and Advisors’ pools as they had a vesting contract, which made them inaccessible.
Folks, we have an important statement to make. We would like to come with good news like last week, but at this time it will not be possible.
Please read carefuly, take a breath and feel free to leave your considerations here. We are not going anywhere!https://t.co/sq73DsjYZY
— Taylor (@SmartTaylorApp) May 22, 2018
According to the Taylor team, those responsible for the hack are the same people or group that supposedly hacked CypheriumChain where more than 17,000 ETH were stolen. The hacker(s) collected the amount from multiple sources in a single wallet and then transferred them to a bigger one. Taylor further explains:
“After that we noticed an attempt to dump the stolen tokens on IDEX, then we asked the IDEX team to delist TAY until we have a clear vision on the situation. This is why the market is not available at the moment. We also tried to contact someone at EtherDelta but we’ve got no response from them yet at the time of this writing”.
If you follow our development, you are witnessing our evolution every week. Last week we released an exciting development update. This week we were planning to work on important things in order to release the beta version. As we have been saying: we are here to stay. We have great minds in our team and we are eager to make Taylor succeed in the long term.”
Highly Coordinated Attack
In its announcement, Taylor highlights that it took all the necessary measures to avoid such kind of a situation but they were not able to prevent the highly advanced and coordinated attack. They currently do not have more information relating to the hack. However, they expect to find more clarity once they find the security breach that allowed the hacker to compromise the funds. It encourages its users to help them find the hacker or recover the funds by sharing any helpful information they might have regarding the hack on Telegram.
Here To Stay
Taylor then concludes its announcement by reassuring its community that it will spare no efforts in finding a way to mitigate the effects of the hack for all the token holders. A section of the statement reads:
“As we have been saying: we are here to stay. We have great minds in our team and we are eager to make Taylor succeed in the long term.”