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$7 Million Hack of the ICO Platform and it Promises Full Refund

The company reported on Thursday, the Initial Coin Offering (ICO) support platform KickICO lost $7.7 million in Kick tokens in a hack.

The CEO Anti Danilevski wrote in a blog post that the startup’s team discovered about 70 million KICK tokens are missing from its wallet after the KickCoin smart contract owner’s private key was compromised. Several wallet users were depleted as the part of the hack, though the startup committed to returning tokens to all the holders.

The firm first learned of the breach when the users complained they could not find tokens worth around $8,00,000 in their wallets said Danilevski.

Danilevski wrote, “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”.

The spokesperson from Bancor told to the news outlet that the specific function which has allowed the smart contract private key which is compromise and built by KickICO, “and was not a prerequisite nor part of its integration of Bancor.”

The spokesperson added his words:

“Whether you put this capability into your token or not is totally independent of an integration with Bancor. And if you decide to build this capability into your token, you must protect it.”
The KickICO will restore the smart contract for which there can return all lost tokens to users said Danilevski.

The platform which is launched in mid-2017, who has raised 5,000 ETH in a pre-ICO funding round, followed by a rise of nearly 85,000 ETH during its public token sale. The kick project’s partners include decentralized exchange startup Bancor as well as other blockchain startups like Pacatum, Coinhills, and Qoin.

 

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