$7 Million ICO Hack Results in CoinDash Refund Offer

CoinDash, an Israeli initial coin offering project that just started today, had $7.53 million stolen after a crowdsale started.

The ICO’s Ethereum address was altered to a fake one — 0x6a164122d5cf7c840D26e829b46dCc4ED6C0ae48 — by an unidentified hacker, resulting in the funds going to another source.

At the time of publication, the website has been shut down and the project is asking investors who have been affected to submit information to the provided link to remedy with the CoinDash token (CDT) they should be rewarded.

The company’s statement reads:

“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.”

Notably, as the project is still under attack, the sale has been terminated. In the statement CoinDash urged investors not to send any ether to any address, since “transactions sent to any fraudulent address after the website was shut down will not be compensated.”

The hacking of this ICO is reminiscent of last year when $50 million was stolen in a similar fashion. The event again drew attention to the security issue of raising cryptocurrencies through ICOs amid recent spree such as Bancor and Tezos netting over $100 million from investors.

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Source: Coindesk