Social trading and portfolio management platform CoinDash.io has published a warning on their homepage explaining the tokens from their token sale are gone. Over 40,000 tokens were stolen, equating to over $7 Million at the time of publication.
The hacking occurred when the perpetrator placed a fraudulent Ethereum address on the CoinDash.io website, unbeknownst to the CoinDash team. Contributors to the CoinDash ICO had no idea the hacking had occurred before it was too late, leading to a continuation of funds still flowing into the fake Ethereum wallet even after the warning was sent out.
Fear Not, Friends
There is good news for those who contributed to the CoinDash ICO. All participating members of the ICO prior to its closing, regardless of whether your funds were stolen or not, shall still receive the CDT tokens reflective of their contributions. If you sent in contributions after the hacking was caught, you will not be receiving CDT tokens.
Additionally, CoinDash hasn’t lost everything in their possession. They were able to secure $6.4 Million from early contributors and whitelist participants prior to the initial coin offering this past week.
While it might be a long road ahead for CoinDash, all hope is not lost. With strong shoulders, a willingness to do right by their consumers, and confidence in cryptocurrency, we likely won’t be seeing the last of CoinDash.io.
With social trading platforms on the rise in both securities trading and cryptocurrencies, CoinDash looks to bring a new flavor into the landscape by allowing investors to manage and analyze their portfolios, share market insights, compete for acheivements, and copy-trade among the more knowledgeable traders within the CoinDash organization.
CoinDash is also well-sponsored and has struck many partnerships with their social trading platform. Companies like Coinsilium Group Limited, a London-based blockchain venture investment fund, have invested upwards of $75,000 in CoinDash. They are the only ones either, CoinDash also has struck partnerships with CryptoCompare, Smith & Crown, and RSK labs among others.