Coindash hacking details - a hacker allegedly have stolen $7.4 Million in Ethereum with ridiculously Simple Trick during the Coindash ICO.
17 July, Cryptocurrency news - ICOs keep on making sensational headlines. This time, for a wrong reason as investors have lost over $7.4 mln worth Ethereum during the Coindash ICO. The incident is being described as the simplest cryptocurrency hack ever. Let's look into Coindash hacking details:
Nothing to worry, your ethereum wallets are safe! During the Coindash ICO something went ridiculously wrong. A hacker broke onto Coindash website and simply changed the wallet details to his wallet and managed to steal over $7.4 million USD worth of Ethers from investors within just 3 minutes. While everyone was in rush to dive in to the Coindash ICO, all this hacker had to do was tricking victims into sending money to the wrong address. Yes, investors sent their Ethers to wrong address without knowing it!
Coindash hacking details
Coindash hacking details is still unclear. How did this hacker manage to change the wallet details? In short, it was simply changing some text on the website! The hacker changed the ICO wallet details with his own wallet details. While people were in investment mode, they were actually sending their ethers to a hacker, not to Coindash.
What are ICOs? How to avoid ICO scams?
Although, Coindash noticed the hack in just 3 minutes, it was already late! The damage was done!
Investors had sent 43,438.45 ether (over $7.4 million USD at the current exchange rate) to the Coindash address that allegedly belongs to a hacker.
Another announcement followed throughout the cryptocurrency forums too:
GUYS WEBSITE IS HACKED! Don't send your ETH!!! Wait for the announcement of the address.
Shortly after the hack Coindash marketing director, Ram Avissar commented the following:
"All we know now is that an outside attacker changed the address right after the sale started. We have halted the Token Sale contract and trying to understand the best way to compensate those who were affected."
Coindash hack compensation options
Coindash announced a hack investigation forum. If you are an investor affected by the Coindash ICO hack, you should fill in the CoinDash token sale followup form.
The company made the following announcement on their website, providing coindash hacking details to those impacted: