CoinDash, a blockchain startup focusing on cryptocurrency social trading and portfolio management platforms, has sent out a new update to investors about the $7 million hacking attack its ICO suffered yesterday.
The CoinDash update reads:
“The CoinDash Token Sale opened to the public on July 17 at 13:00PM GMT, starting with a 15 minute heads up for whitelist contributors. During these 15 minutes, 148 whitelisted contributors sent 39,000 ETH to the token sale smart contract that were secured with a multisig wallet.
The moment the token sale went public, the CoinDash website was hacked and a malicious address replaced the CoinDash Token Sale address. As a result, more than 2,000 investors sent ETH to the malicious address. The stolen ETH amounted to a total of 37,000 ETH.
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CoinDash has launched an internet forensic investigation to determine who was behind the hack. We will do our best to identify the responsible parties, and are exploring options for further assistance. We have contacted law enforcement agencies and fully cooperate with them on all matters of this incident the community and our contributors will be updated as soon as we have answers.
CoinDash will credit investors who sent ETH to the fraudulent address with the CDT amount they would have received by sending their ETH to the correct smart contract address. We are currently gathering information regarding each of the attack victims and will release the complete list for our contributors and community review shortly. CoinDash will further compensate its contributors using the resources at its disposal. More details will be released as soon as we have a complete list of all the people who were affected by this attack.
We considered many alternative routes to ensure that our investors are made whole to the best of our abilities and the token sale remains fair. Distributing the tokens is the only way to ensure its value will not be lost completely. It is incumbent upon us as a company to continue to build the product that our investors valued.
The only way now is to move forward. The company’s vision is intact and the products we are developing are still in high demand (even more so now). Such malicious attacks will not divert us from developing a product that will make crypto investments more accessible to the public.
We are amazed and humbled by the support and patience shown from our core community, early sponsors, contributors and advisory. We suffered a hit and there are no simple or easy solutions, just hard work and improvements ahead of us.”