Initial Coin Offerings(ICO)News

KICKICO Promises to Refund the $7 Million Hacked Tokens

ICO platform KICKICO lost around $7.7 million worth of KICK tokens claiming that the situation is now under control and promises to return the tokens stolen during this hack.

KICKICO is the blockchain technology-based company generally known for fundraising in cryptocurrency. In 2017, it also earned the title- “ICO of the Year” from BTC CIS Awards.

Earlier this week, on Tuesday, the Waves decentralized exchange was attacked, which followed the hacking of the crowd funding-oriented company, KICKICO. It also experienced a security breach on Thursday with the loss of $7.7 million worth of KICK tokens. Also, the platform was the second DEX platform to gain the popularity in April 2018.

The CEO of KICKICO, Anti Danilevski states in a blog post that the startup’s team analyzed some disparities in their accounts.

The issue was recognized after the team received some continuous repetitive complaints from several victims. Some victims said that their tokens worth $800,000 suddenly went missing from their wallets.

The team instantly peeked into the matter and realized that 70 million KICK tokens were missing from their Platform. At that time, it costs approximately around $7.7 million. The hackers supposedly demolished 40 different pocket addresses with the generated tokens on those particular addresses.

Anti Danilevski said that:

“In order to hide the results of their activities, they employed methods used by the KickCoin smart contract in integration with the Bancor network: hackers destroyed tokens at approximately 40 addresses and created tokens at the other 40 addresses in the corresponding amount.”

He also added that his team has controlled the situation and regained the control over the smart contract. The have requested everyone who has lost their tokens via this hack to email the team to return the funds back to their wallets.

However, despite this regrettable incident, the ICO platform is apologizing for the inconvenience and loss that took place. They have promised to return back all the stolen tokens to the wallets holders.

On July 10, one similar attack was seen on the Bancor network. This company is the fourth leading ICO that raised almost $150 million. However, they lost $13.5 million in funds from their platform to a group of hackers.

The Bancor’s official statement says that:

A wallet used to upgrade some smart contracts was compromised. This compromised wallet was then used to withdraw ETH from the BNT smart contract in the amount of $12.5 million

What measures do you think that exchanges must take to protect against hackers? Share your thoughts with us on Twitter.

Image Source: KICKICO

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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