CoinDash suffered a major setback in July last year, after 43,000ETH were stolen just days before the formal launch of its cryptocurrency social trading platform. There is good news for them though, as some of the funds have reappeared in the company’s wallet.
The theft occurred within minutes of the ICO’s start, which was obviously a major setback for the company, and happened when the wallet address on the CoinDash website was substituted for the hacker’s address. The hacker was then able to steal 43,000ETH which was valued at that time at around $7million. At the time of the theft, CoinDash said;
“This was a damaging event to both our contributors and our company but it is surely not the end of our project.”
Unfortunately hacks and thefts like this happen all too often in the cryptocurrency industry, so much so that investors and companies are not always surprised when it happens; although it does not change it from being incredibly disappointing. The surprise in this hack, was when 10,000ETH was returned to CoinDash, which was nothing short of a miracle. The CEO said at the time;
“A hacker steals a lot of money and out of the blue returns some of it…it’s truly incredibly, this industry.”
The thief obviously cannot live with the guilt, as another 20,000ETH has found its way back to the company. There are of course a number of reasons as to why these funds were suddenly returned. It could have been for a less sincere reasons, such as complexities involved with accessing the funds.
CoinDash have been in contact with Israel’s Counter Cyber Terrorist Unit, and the address used by the hacker is still being monitored. It has been revealed that the hacker still owns 13,400ETH, which is currently worth around $11.6million; however, the intentions and what they plan to do with this money is unknown.
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