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The Taylor Cryptocurrency Trading App Losses Funds to Cyberpunks

The Taylor Cryptocurrency Trading App Losses Funds to Cyberpunks

Reading Time: 2 minutes by on May 30, 2018 Altcoins, Crime, Ethereum, Finance, News
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In what has been termed a highly coordinated attack, the Taylor cryptocurrency trading assistant platform has lost a whopping $1.5 million worth of ether (ETH) and its TAY altcoin to hackers on May 22, 2018.

Taylor Hacked

Of a truth, crypto-related businesses and exchanges have been investing massive sums of money in securing their systems against cyber attacks. Conversely, hackers are also becoming much more incentivized to upgrade their techniques with each passing day.

According to a Medium blog post, the Taylor cryptocurrency trading assistant has been ripped apart by bad actors, who carted away 2,578 ETH and an undisclosed amount of Taylor’s native TAY tokens. The trading assistant reported the following:

“Today we arrived at the office and found out that we’ve been hacked and all of our funds have been stolen. Not only the balance in ETH (2,578.98 ETH) but also the TAY tokens from the Team and Bounty pools.”

Though it’s not clear where exactly the attack came from, the team is however convinced the perpetrators are the same people that orchestrated the CypheriumChain hack, stealing 17,000 ETH in the operation.

“The hacker collected the amount from multiple sources in a single wallet, then transferred it to a bigger one (same as @CypheriumChain),” the Taylor team added.

That’s not all, the cybercriminals also tried to deposit the stolen TAY tokens on the IDEX decentralized exchange, but the Taylor team were fast enough to block the move by asking the IDEX decentralized exchange to delist TAY token from the platform temporarily.

The startup also hinted that they had contacted EtherDelta, a decentralized exchange meant for ERC20 tokens, but have yet to get feedback.

Investors to Get Reimbursed

As with most hacks and heists, investors are promised refunds and, as such, the Taylor team has assured affected users that they will be given back their lost funds.

In a follow-up Medium post, they declared that they are considering issuing a new token and swapping the old one, in a bid to make sure the hacker does not receive the new token.

“We analyzed all transactions made by him, and we know exactly where the stolen tokens are. The new tokens will be sent to every address that had balance at the block number 5663273, except the hacker’s addresses.”

The Taylor project claims to monitor the cryptocurrency markets in real-time and offers experienced, as well as newbie, digital currency investors trading signals that could enable them to make small profits several times a day from the crypto market.

While the hack may be a significant setback for the firm, they have however assured their community members they are “going nowhere.”

According to Portal do Bitcoin, a Brazilian news source, the founder of the Taylor project, Fabio Seixas has hinted that Taylor is hiring an agency to investigate the matter further. While this is a commendable effort, as it goes a long way to show the founders’ level of commitment, the probability of apprehending the thieves remain quite slim at this time.

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