The project in which a new type of a trading platform would be formed which was made public as an ICO by CoinDash did attract a major approach by traders and investors. However the Initial Coin Offering was attacked by a Hacker, stealing 10,000 ETH token. Making simple calculation losing that much money would be a hinder for the project itself but the ‘goods’ were returned with no demands.
The digital currency industry and community is hit by hacking, scams incidents very often as the hackers take the money and never return them to the owner despite the difficulty that sometimes attackers might find to convert the money from stolen to ready-to-use.
As the market is very transparent, everybody from traders to crypto-enthusiasts can follow transactions or ICOs in this case, as the 10,000 ETH were stolen and the theft was tracked to a fake address. Nobody did expect the outcome as the funds were returned without being converted nor used.
The value of around $3 million US Dollars worth in Ether was returned to one of Coindash’s Ethereum wallets. On top of that as the detail are showing that there was no inclusion of any white hat hacker to recover the money in the first place.
Using ShapeShift 488 ETH were converted some time ago and the remaining ETH (10k) were returned and sent to CD. As there are no reasons why a hackers should do the attack and after some while just give back the funds many debate the “hack” in the first place. However there is a transaction ID for anybody to see.
Transforming the stolen money to ready-to-use money as mentioned above is not easy as just converting that much of a sum and just get away is no ‘childs-game’. As currency (virtual) exchanges perform the Know Your Costumer verification (KYC) makes it possibly to link the identity of a theft to the transaction being made such as in this case. There is risky obviously, but just returning the money with no explanation or anything is not so convincing too.
Well, in result CoinDash did evade a major crippling to its project with a loss of such an amount. With the team continuing normally to work on the project and it remains to see if everything will go successfully as they plan.