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ICO Platform Promises Full Refund Following $7 Million Hack

Beginning coin offering support platform KickICO lost $7.7 million in Drop-kick tokens in a hack on Thursday, the company reported.

CEO Anti Danilevski annulled in a blog post that the startup’s team discovered some 70 million Recoil tokens missing from its wallet after the KickCoin smart catch owner’s private key was compromised. Several users’ wallets were clear devoid ofed as part of the hack, though the startup committed to returning tokens to all holders.

Danilevski averred the firm first learned of the breach when users complained they could not spot tokens worth around $800,000 in their wallets.

“In order to hide the conclusions of their activities, they employed methods used by the KickCoin pointed contract in integration with the Bancor network: hackers destroyed souvenirs at approximately 40 addresses and created tokens at the other 40 locations in the corresponding amount,” Danilevski wrote.

A spokesperson from Bancor delineated CoinDesk that the specific function which allowed the smart condense’s private key to be compromised was built by KickICO, “and was not a prerequisite nor part of its integration of Bancor.”

The spokesperson continued:

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

Danilevski said that KickICO has give back control over the smart contract intends to return all lost representatives to users.

The platform, which launched in mid-2017, raised 5,000 ETH in a pre-ICO funding blunt, followed by a raise of nearly 85,000 ETH during its public token vending. The project’s partners include decentralized exchange startup Bancor as fully as blockchain startups Pacatum, Coinhills and Qoin.

Correction: This article has been updated to on that KickICO completed its full token sale following a presale hold out year. It has also been updated to include a statement from a Bancor deputy.

$100 bills image via Shutterstock

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