KICKICO, a blockchain-based initial money offering (ICO) back upward platform, has fallen victim to a suspected cyber assault too lost to a greater extent than than seventy ane one k thousand KICK tokens (or KickCoins) worth an estimated $7.7 million.
In a contention released on its Medium post on July 26, the companionship acknowledged the safety breach, informing its customers that an unknown assaulter managed to gain access to the trouble organization human relationship of the KICK smart contracts too the tokens of the KICKICO platform on final Th at about 9:04 (UTC).
KICKICO admitted that the companionship had no clue virtually the safety breach until too unless several of its customers cruel victim too complained virtually losing KickCoin tokens worth $800,000 from their wallets overnight.
However, afterward investigating, the companionship institute that the total total of stolen funds was 70,000,000 KickCoin, which, at the electrical flow substitution rate, is equivalent to $ 7.7 million.
KICKICO reported that suspected attackers managed to gain straight access to the smart contract of the project's blockchain network yesteryear obtaining the person key, which eventually allowed the assaulter to pocket KickCoins from the users' wallets.
Here's How the Hacker Managed to Steal vii Million Tokens
After gaining total access to the KickCoin smart contract, the unknown hacker destroyed tokens at closed to xl dissimilar addresses too transferred them to xl imitation addresses controlled yesteryear him to survive out no trace.
As a result, the stolen funds from the KICKICO blockchain network did non permanently destroy, too the total number of tokens inward the network remained the same afterward the safety incident, enabling the thief to wing nether the radar.
However, a few hours afterward the incident, the projection was able to fully find access to its smart contract too replaced the compromised person key amongst the person key inward its mutual frigidness storage to foreclose farther possible losses.
KICKICO Promised to Refund All Stolen Tokens to Their Owners
The KICKICO squad has too promised to furnish all tokens to their owners, saying:
"KICKICO guarantees to furnish all tokens to KickCoin holders. We apologize for the inconveniences, precisely claim that the province of affairs is nether control."So, if you lot are ane of those who lost their tokens inward the breach, you lot tin ship an e-mail to the KICKICO squad to larn your refund.
"The projection squad asks all those whose tokens convey been stolen to e-mail report@kickico.com for the furnish of funds to wallets."
This incident is the latest inward a long listing of attacks against the cryptocurrency markets. Barely 2 weeks ago, decentralized substitution platform Bancor too suffered a $23.5 ane one k thousand loss due to a cyber-attack.
