KickICO Hacked for $7.7 Million, But All Funds Will Be Restored

KickICO, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based fundraising platform, has been hacked for $7.7 million, according to an official announcement from the company.

According to the announcement, the security breach took place on July 26 at 09:04 UTC. The breach reportedly resulted in hackers successfully gaining access to “the account of the KICK Smart Contract Smart Contract A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist Read this Term,” and thus, KickICO token platforms.

“The team learned about this incident after the complaints of several victims, who did not find tokens worth 800 thousand dollars in their wallets,” the incident report read.

Funds Will Be Restored

KickICO has reportedly regained control over the smart contract, and KickICO has guaranteed that all stolen funds will be returned to wallets. Affected users are asked to send an email to report@kickico.com “for the return of funds to wallets.”

“We'll return exact amount of tokens to their legit owners. We apologize for the inconveniences, but guarantee that the situation is under control,” said the announcement.

KICKICO security breach. Issue under control, all KickCoins will be returned

More info: https://t.co/76PS0L6XB6 — KICKICO.COM (@KICKICOplatform) July 26, 2018

Hackers were allegedly able to execute the attack by gaining access to the private key that controlled the KickCoin smart contract. From there, “they employed methods used by the KickCoin smart contract in integration with the Bancor network: hackers destroyed tokens at approximately 40 addresses and created tokens at the other 40 addresses in the corresponding amount.” Therefore, the total number of KickCoins was unaffected.

This is the second hacking incident that has involved the Bancor network this month.

The KickICO team claims that the attack may have come as a result of the “explosive” growth in the price of KickCoins that has taken place over the last several weeks. KickCoins have “tripled in price during the last 2 weeks (from 4 to 12 cents),” the report read.

The report also said that KickCoins were “among top 10 coins in coinmarketcap by growth last week.”