Topic: [2017-07-18]Chinese Investors Victimized by Coindash 8m Hacking (Read 5928 times)

I'm with you. I also feel sad for those investors who have lost ETH because of the hack, however they will be compensated. This should be warning for potential ICO's that will be opening soon. Secure your website, hire competent programmers or website administrator to watch and monitor every investments coming in. The hack was done changing the ETH address to the hackers, and how easy he penetrated the website and alter it. Hackers are now target the crypto world because of the amount of funds they can steal. I hope they caught this hackers and send to jail for his crimes.

It's sad but it might have been avoided if ENS or the contract code being released earlier.

This news is so sad, that a lot of money and also the effort of the organizers of this ICO.
This is also a wake up call to all ICO organizers that they must secure their ICO, in order to protect the money of Investors.
This sad and scary at the same time, i hope they can find the hacker and hope the money will be refunded.

While I feel sad for the people who got their money stolen, at the same time I feel that this news has given a huge alert to all current and potential ICO's for securing their service which is the only positive thing. These ICO organizers should feel the fear now and will probably start taking more precautions and audits on their website and alternative channels of communication.

update from coindash.io


Dear CoinDash contributors,

CoinDash Team Shanghai, Tel Aviv - 18.7.2017.

The CoinDash Token Sale opened to the public on July 17 at 13:00PM GMT, starting with a 15 minute heads up for whitelist contributors. During these 15 minutes, 148 whitelisted contributors sent 39,000 ETH to the token sale smart contract that were secured with a multisig wallet.

The moment the token sale went public, the CoinDash website was hacked and a malicious address replaced the CoinDash Token Sale address. As a result, more than 2,000 investors sent ETH to the malicious address. The stolen ETH amounted to a total of 37,000 ETH.

CoinDash has launched an internet forensic investigation to determine who was behind the hack. We will do our best to identify the responsible parties, and are exploring options for further assistance. We have contacted law enforcement agencies and fully cooperate with them on all matters of this incident the community and our contributors will be updated as soon as we have answers.

CoinDash will credit investors who sent ETH to the fraudulent address with the CDT amount they would have received by sending their ETH to the correct smart contract address. We are currently gathering information regarding each of the attack victims and will release the complete list for our contributors and community review shortly. CoinDash will further compensate its contributors using the resources at its disposal. More details will be released as soon as we have a complete list of all the people who were affected by this attack.

We considered many alternative routes to ensure that our investors are made whole to the best of our abilities and the token sale remains fair. Distributing the tokens is the only way to ensure its value will not be lost completely. It is incumbent upon us as a company to continue to build the product that our investors valued.

The only way now is to move forward. The company’s vision is intact and the products we are developing are still in high demand (even more so now). Such malicious attacks will not divert us from developing a product that will make crypto investments more accessible to the public.

We are amazed and humbled by the support and patience shown from our core community, early sponsors, contributors and advisory. We suffered a hit and there are no simple or easy solutions, just hard work and improvements ahead of us.

We will continue and update the community on a daily basis. For more information and updates, please visit our website coindash.io. It is clear to us that the road ahead will be challenging and your continued faith in our project is without a doubt the main reason for us to continue and create the future of trading.

Sincerely and respectfully,

Alon Muroch, Adam Efrima and the CoinDash team.

Ha ha... Given the ICO craze, the team can raise another USD 8 MN and nobody would be any wiser. 
People are ready to throw money at ICOs and I don't think they care if in the end it goes to a hacker.

I am actually so sad  reading this news regarding CoinDash as they lost a big amount of money invested for the project. I am actually promoting this ICO on social media and I believe that they have something on their sleeve to make it a good project. Sadly, their security is not so strong that a hacker was able to get in and steal the money and the show.

How the project can go on will depend on how resourceful is the team and how they can be able to surmount this big challenge can be a testament on their resiliency. I am wishing them all the luck they need. I think they are not running anymore and so the project will continue despite of what had happened.

Let us all support these guys!

According to official statement  from Coindash, the ICO that the team has been promoting in China since this March came to a sudden halt. Around 8 million USD or 40k ETH was grabbed by alleged hacker. Coindash team announced that all investors would be awarded with tokens as long as they fill in a questionnaire. But some questions still remains unresolved.
The incident was first revealed in slack channel then spread to the Chinese wechat group soon after the ICO was kicked off at 9PM Beijing time. The screenshot showed that the admin of wechat group asked investors not to send funds to the “hacker’s” address.


http://news.8btc.com/chinese-investors-victimized-by-coindash-8m-hacking