$7 Million ICO Hack Results in CoinDash Refund Offer

$7 Million ICO Hack Results in CoinDash Refund Offer

$7 Million ICO Hack Results in CoinDash Refund Offer

An Initial Coin Offering (ICO) is used by companies to raise money by selling a percentage of a cryptocurrency to early backers of their project. This meant that, once the hacker took over around three minutes into the ICO, all future payments filled their wallet instead of CoinDash's.

During a launch event, a hacker, after hacking into a cryptocurrency platform's website, was able to steal $7.4 million worth of Ethereum cryptocurrency.

$0.31 EPS Expected for Boston Scientific Corporation (BSX)
The rating was maintained by RBC Capital Markets on Tuesday, May 30 with "Buy". 95,007 were reported by First Republic Inv Mngmt. Affinity Investment Advsr Limited Liability Company invested 1.35% of its portfolio in Boston Scientific Corporation (NYSE:BSX).

Questions remain over how CoinDash's site was susceptible to attack given the scope of what was at stake, and what measures, if any, can be taken to identify the perpetrator and recover the Ether that was collected.

Etherscan puts the heist total at $8.3 million based on the current value of ETH (which is hovering around $191 this morning) and the 2,134 transactions that took place from the time the hack was in place until the time it was shut down.

9 dead, 1 still missing in Arizona flash flood
A teen who was stranded by deadly flash flooding in Arizona says she can't get the roar of the rushing water out of her head. Several others had to be rescued, including a man clinging to a tree with his baby and his wife nearby.

"It is unfortunate for us to announce that we have suffered a hacking attack during our Token Sale event", CoinDash said in a statement. "The CoinDash Token Sale secured $6.4 mln from our early contributors and whitelist participants and we are grateful for your support and contribution", CoinDash team explains in the official statement.

This wasn't a complex hack, the attacker simply switched the cryptocurrency wallet CoinDash pointed to on its website. Contributors that sent ETH to the fraudulent Ethereum address, which was maliciously placed on our website, and sent ETH to the CoinDash.io official address will receive their CDT tokens accordingly. However, mere minutes into what was supposed to be another successful ICO, Coindash warned that its website had been hacked and asked people not to send ethereum to the posted address. CoinDash also added that it was responsible to all its contributors and will be sending CDTs reflective of each contribution. However, investors who made transactions after CoinDash shut down its website "will not be compensated", the firm said.

Signet Jewelers Ltd. (NYSE:SIG) Price Target Raised to $57.00
Matthew Iorio decreased its stake in Expedia Inc Del (EXPE) by 25.88% based on its latest 2016Q4 regulatory filing with the SEC. Walthausen & Company decreased Moog Inc (NYSE:MOG.A) stake by 28,160 shares to 96,600 valued at $6.35 million in 2016Q4.

"This was a damaging event to both our contributors and our company but it is surely not the end of our project", CoinDash said.

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