Cryptocurrency applications have regularly expressed the safety and security of involved with their use. Unfortunately, it appears that such claims are empty. Recently, Taylor, a cryptocurrency trading application, experienced a cyber attack on May 22. To make things worse, all of the funds raised by the application has been stolen by the hacker – a total of $1.35 million. Although there is no conclusive proof, several claim that the same hacker also is responsible for the CypheriumChain attack in March.
There are several details available concerning the Taylor attack. In addition to stealing the funds raised by the ICO, the hacker has also taken the native TAY tokens held in the team and bounty tools. The only remaining tokens are those held by the founders and advisors. These funds were inaccessible because of the vesting contract, which makes the tokens inaccessible for a short period of time.
“We are still investigating the cause and source of the hack. We still cannot disclose much information right now. What we can say is that it was not a smart contract exploit. Somehow the hacker got access to one of our devices and took control of our 1Password files.”
The company’s future plans have come to light in a blog by the company’s CEO, Fabio Sexius, in which he stated,
“It turns out we have been hacked and lost almost all of our funds. We now have only about $25,000. To be honest, it doesn’t even pay this month’s bills. This incident forced us to stop, step back and think about the future.”
Additionally, the team is considering to replace the stolen TAY tokens, which account for 7 percent of the company’s total supply.As the platform mentions,
“The new tokens will be sent to every address that had valance at the block number 5663273, except the hacker’s addresses. This action is necessary to keep a fair environment and distribution for token holders.”
The only thing left to do at this stage is to wait and see concerning any future developments and progress concerning the platform. Without the ICO funds, it may be extraordinarily difficult for the company to rise back up.