Hacked ICO Platform to Refund $7 Million Worth of Tokens

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A blockchain crowdfunding platform, KickICO has been hacked during its Initial Coin Offering (ICO) on July 26, 2018. Its CEO, Mr. Anti Danilevski, promised a complete refund of all stolen tokens worth around $7.7 million.

According to the company’s official blog, the hacker was able to breach its security on July 26, 2018 at around 9:04 UTC. The team was notified after a number of complaints from its victims who said that they could not find $800,000 worth of tokens in their wallets.

After further investigation, a total of 70 million KICK, worth around $7.7 million was stolen.

Mr. Danilevski explained how the hackers compromised the KickCoin smart contract owner’s private key.

“In order to hide the results of their activities, they employed methods used by the KickCoin smart contract in integration with the Bancor network: hackers destroyed tokens at approximately 40 addresses and created tokens at the other 40 addresses in the corresponding amount,”  – Mr. Anti Danilevski, CEO, KICK

The company’s CEO assured all KickCoin holders that it will refund all the stolen tokens in full. He added that the situation is now under control.

Bancor also released a statement to CoinDesk that the smart contract’s private key that got compromised was built by KickICO, further adding that it is not a prerequisite nor part of the integration.

“Whether you put this capability into your token or not is totally independent from an integration with Bancor. And if you decide to build this capability into your token, you must protect it.” – Bancor Spokesperson

At the time of this writing, 1 KICK costs $0.11 or around 0.00001447 BTC. KickICO was able to raise 5,000 ETC during its pre-ICO and an additional 85,000 ETH on its public token sale.

Source: Kick, Coindesk

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