• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Hacked: $1.35 Million Stolen from Taylor Cryptocurrency Trading App

Osato Avan-Nomayo by Osato Avan-Nomayo
4 years ago
in News, Altcoin News, Altcoins, Ethereum, News teaser
0
Advertisement

Taylor, the cryptocurrency trading app, reportedly suffered a cyber attack on May 22nd. According to a post on the app’s Medium account, a hacker stole all of the funds raised by the project’s ICO as well as the native TAY tokens. There are indications that the same hacker was responsible for the CypheriumChain attack that took place in March. This is the latest in a series of hacks gripping the cryptocurrency market in 2018.


Details of the Taylor App Hack

Based on the reports released thus far, the hacker stole 2,579.98 ETH ($1.35 million) raised by the project during its recently conducted ICO. The attacker also carted away the native TAY tokens held in the team and bounty pools. Only the tokens domiciled in the founders’ and advisors’ pools were saved from the attack. The hacker couldn’t access those funds because of the vesting contract which renders them inaccessible for the time being.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Taylor app hacked

The Taylor team also said the suspected hacker attempted dumping the tokens on the IDEX platform. Thus, the team instructed IDEX to delist TAY tokens until the matter is resolved. Commenting on the attack, the team said that:

We are still investigating the cause and source of the hack. We still cannot disclose much information right now. What we can say is that it was not a smart contract exploit. Somehow the hacker got access to one of our devices and took control of one of our 1Password files.

Plans for the Future

In a personal blog post on Medium, Fabio Seixas, the co-founder and CEO of Taylor, said that:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

It turns out we have been hacked and lost almost all of our funds. We now have only about $25,000. To be honest, it doesn’t even pay this month’s bills. This incident forced us to stop, step back and think about the future.

The first point of action considered by the Taylor team is replacing the stolen TAY tokens. The hacker reportedly stole about 7 percent of the total token supply.

The new tokens will be sent to every address that had balance at the block number 5663273, except the hacker’s addresses. This action is necessary to keep a fair environment and distribution for token holders.

Taylor hack information

By analyzing the transactions made by the hacker, the Taylor team believes it the same person, or group of people, responsible for the CypheriumChain hack. The ether wallet used by the suspected hacker is the same for both attacks. The team also said the matter had been reported to the police and there is an ongoing investigation.

Do you think the hack is a genuine case of theft or is it another ICO exit scam? Let us know your thoughts in the comment section below.


Images courtesy of Etherscan, iStock, and Shutterstock.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Osato Avan-Nomayo

Osato Avan-Nomayo

When I am not knee-deep in cryptocurrency-related news, I am either attempting to beat my scrabble high score or internally debating an existential dilemma.

Related Posts

meme coins

The Meme Coins That Dominate The Top Ethereum Whale Holdings

2 hours ago
Solana vs Ethereum

Summer Inside Crypto Winter: Solana Steals The Lead From Ethereum

8 hours ago
bitcoin miners

Head To Head: Bitcoin Miner Revenues Surpass Ethereum But There’s More

1 day ago
Warba Bank

Warba Bank Becomes 1st Islamic Lender To Enter The Metaverse

1 day ago
Sango, President Faustin-Archange Touadéra

The Central African Republic Unveils Sango Project, Disappoints The World

2 days ago
GPU Prices Decline 57% Since Jan As Ethereum Mining Profits Go Down

GPU Prices Decline 57% Since Jan As Ethereum Mining Profits Go Down

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.