KICKICO Promises Reimbursement for Stolen Funds & Tickets After Hack On the System
KICKICO, an initial coin offering platform recently announced that it fell victim to a hack on the system on the same day of its announcement. As per the report, hackers managed to break in and steal KICK coins racking up to almost $8 million in stolen assets. As a total hack, 70 million coins were misplaced.
KICKICO stated that the situation was brought to light after many users on their platform couldn’t locate their KICK tokens, estimated at around $800K in total. On the 27th of July, the company announced regaining full control of the platform and digital contacts have been completely restored. As the company states, every KICK token reported stolen will be returned to the rightful user through emails.
As the company has stated, the hacking party gained access to access to private keys of digital contract owners and remained anonymous and undetected by utilizing similar methods of the hacked contracts with KICKINO partner, Bancor. In light of this, the hackers managed to gain access into around forty different keys and siphon KICK tokens into a separate forty accounts as a means of keeping the illicit activities covert and displaying the same number of tokens on the system to alleviate any suspicion.
Despite their efforts, the hack was almost instantly noticed and provided KICKICO’s team with the requirements to handle the situation accordingly. The company quickly reacted, eliminating any additional thefts through replacing infected addresses with a new one from cold storage.
The company is based on blockchain and offers an ICO and fundraising platform to users, similar to fundraising website Kickstarter. A recent initial coin offering generated over 80K in Ether. The company has dropped almost two percent within a day after the attack was announced, although many believe that the current downslope of the currency cryptocurrency market and following the recent rejection of Bitcoin exchange-traded funds by the Winklevoss brothers.