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Another Hack in the Crypto World, This Time 2,578 ETH Was Stolen

Another Hack in the Crypto World, This Times 2,578 ETH Was Stolen

Another hack this week, and this time it was a cryptocurrency company which was targeted. Taylor, a crypto company that is developing a smart cryptocurrency trading assistant, has been hacked. Reportedly 2,578 ETH of the funds by the initial coin offering (ICO) along with some of the TAY tokens have been stolen.

Taylor is an easy to use trading platform that helps people earn small profits many times a day using a trading assistant.

Many of the points on how it was hacked are similar to how CypherumChain was stolen off 17,000 ETH which is equal to $9.8 million.

The total value of 2,578 ETH that was stolen from Taylor is approximately $1.5 million in today’s value.

The wallet that the two hacks have been stolen to is valued at 48,440 ETH which means that it containers over $28 million in funds.

Taylor’s team is doing all they can to prevent the TAY tokens to be utilized.

“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.”

According to the team, the hackers gained access to one of the devices and gained control of the 1Password files.

The team was quoted mentioning, the attack as a “highly advanced and coordinated attack.”

Taylor’s team are also ensuring reimbursements are carried out by giving back a new token, to existing users and people who had a balance at block number 5663273.

“The goal is to make sure the hacker does not receive the new token. We analyzed all transactions made by him, and we know exactly where the stolen tokens are.”

The founder of Taylor, Fabio Seixas has taken this attack very seriously and has plans of hiring a specialized company that will understand how and who was victorious in the hacking.

“Soon, we will reveal an action plan both in relation to company’s operations and what will happen to the token. For the time being, I can not clarify more details about the token, otherwise the hacker might move ahead of our actions,” Seixas said.

Taylor is not going anywhere, and have promised-

“We reassure that we will spare no efforts to find a way to mitigate the implications of this incident for every single legit token holder. We are not going anywhere!”

Image Source: “Flickr”

Amrit Mirchandani,  A hustler, who believes there is a solution to every problem. A strong believer of Blockchain and a Cryptocurrency enthusiast!
Currently living in the Digital Hub of India, Pune and an extremely friendly and optimistic person. Born and raised in the beautiful island of Sri Lanka and have run businesses ranging from Agriculture to the Digital World. I have had crazy Experiences in Asian Busy towns like Mumbai and Kuala Lumpur to African nations such as Madagascar.

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