Taylor, a smart cryptocurrency trading assistant and an easy-to-use trading platform has been hacked for 1.7M dollar (2579 ETH). The company has announced this on its blog that not only the balance in ETH (2,578.98 ETH), but also the TAY tokens from the team and bounty pools have been stolen. Taylor enables anyone, regardless of trading expertise, to start profiting from the global cryptocurrency market.
Company said that
“This is a dark day for Taylor. We’ve been hacked and we need your support. 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”
The token from founders’ and advisors’ pool are not stolen because of vesting contract. This vesting contract has made their pools inaccessible. Last week, company released its development update and this week it was planning to release the beta version. According to the Taylor investigating team, the hacker is same person/group that hacked CypheriumChain and stole more than 17,000 ETH. The hacker collected the amount from multiple sources in a single wallet, then transferred it to a bigger one.
Taylor further stated that
“After that we noticed an attempt to dump the stolen tokens on IDEX, then we asked the IDEX team to delist TAY until we have a clear vision on the situation. This is why the market is not available at the moment. We also tried to contact someone at EtherDelta but we’ve got no response from them”
The Taylor platform seeks to solve some of the problems encountered by both inexperienced and experienced users, attempting to make the process of buying and selling cryptocurrencies more user-friendly and profitable. The attackers stole almost 1.7M dollars and it was highly advanced and coordinated attack.
The company also stated that
“We will probably not recover the stolen funds, but we have one of the most important assets a company can have: a strong community.We reassure that we will spare no efforts to find a way to mitigate the implications of this incident for every single legit token holder. We are not going anywhere!”
New users who venture into their first trades often accumulate losses because they do not know the right time to enter and exit a trade negotiation. Now, only time will tell how Taylor deals with the damage done to it.