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Hackers Steal $7m after Attacking Crypto-Coin Dealing Company


A startup company specializing in block-chain technology 'CoinDash," which claims to be certain social-trading facilitator, stated that some malicious person hacked its website on July 17 and stole $7m from investors making efforts for participation during the first coin offering of the company.

According to instructions, investors were required making payment through ethereum while transfer the money to the sophisticated contact address of the token sale. Over e-mail, CoinDash stated that apparently someone hacked the sending id while replaced it with a fake id.

CoinDash isn't aware about the person behind the attack that hasn't stopped as yet, so indicated the company's website. At present CoinDash isn't doing the ethereum sale while said that investors shouldn't transfer the digital money to the website.

It seems the hacker gained hold over the website when the Ethereum purse id was just posted to facilitate the ICO. As per CoinDash's authorized channel at Slack, it was 8:59 local time when the ICO started its activity. Just 4 minutes afterwards, it was flashed that WEBSITE was HACKED so nobody should trust the site.

Cautioning on Bitcointalk website, CoinDash advised investors not to transmit any funds. After some time CoinDash substantiated that there had been more than USD7m (A$9m) of investor funds coming into the fake Ethereum id. The company stated that it would give CoinDash's white listed investors tokens; however, not to any other person who unwittingly transmitted the digital currency to the fraudulent id following the shutdown of CoinDash's website. Itnews.com posted this, July 18, 2017.

It is yet not clear exactly what occurred; however, seemingly the intrusion was unbelievably easy. Having taken hold over CoinDash's authorized site, the hacker altered the text there, posting a new ether purse id of its own in place of CoinDash's. So as individuals thought they invested in CoinDash, in reality their ethereum went into the hacker's wallet.

CoinDash stated the event was destructive to both the company and its contributors. CoinDash was examining the security hack while would post the update at the earliest regarding its findings.

CoinDash posted a form which people wanting to buy coins would require filling out.

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