CoinDash, a blockchain startup focusing on cryptocurrency social trading and portfolio management platforms, was scheduled to begin its Ico on July 17, 2017. The very same morning, it sent out an urgent warning to investors regarding alleged hacking of its cyber security. The e-trade for blockchain was hacked on Monday and $7.4 million was stolen from investors trying to participate in coinDash Ico.
CoinDash ICO went terribly wrong
The unknown hacker stole $7.4 million worth of Ethereum in just under three minutes. At the time of the coinDash Ico, the e-trade for blockchain posted a string of characters which represented its wallet address for investors. Apparently, the hacker tricked users by replacing the official Ethereum address to a fraudulent Ethereum address on the compromised website. Early participants then sent ETh to the fraudulent Ethereum address rather than the coinDash’s official address.
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