Hacker steals $7 million of Ethereum in three minutes

During a launch event, a hacker, after hacking into a cryptocurrency platform’s website, was able to steal $7.4 million worth of Ethereum cryptocurrency.

The alleged hacker was able to break into the platform in a lightning fast hack attack during a Ethereum ICO by CoinDash, a cryptocurrency trading platform. The CoinDash event was being anticipated by investors for they were looking to exchange cryptocurrency tokens (CDT) for varying amounts of shares in the project.

CoinDash just had launched its ICO (Initial Coin Offering) during which the attack occurred. The alleged hacker modified the target wallet address to one owned by the same malicious entity. As a result of the attack, some $7 million were poured into the hacker’s wallet. The website was shut down as the attack was discovered. The launch began at 8:59PM by the local time and at 9:03 PM, the company made clear that it was hacked and the users shouldn’t believe their website.

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CoinDash acknowledged the happening of the said hacking. The company said that the attack was still in progress and that restraint must be observed while sending the cryptocurrency to other wallets. CoinDash’s detailed note on the hacking can be read at their website.

“We have halted the Token Sale contract and trying to understand the best way to compensate those who were affected,” the Marketing Director of Coindash Ram Avissar, told Motherboard.

ICO, or in other words the IPO of Ethereum, is a crowd-funding event in which the money to suffice for the technical developments is raised. The investments usually come from various investors in exchange of the currency tokens.

Source — MotherBoard via SlashGear