CoinDash Launches with Unexpected Gift from Hacker
Crypto-currency start-up CoinDash is set to officially launch today with a surprising turn of events. After losing 20,000 Ethereum (ETH) last year, the Israeli company has received the stolen funds back from a hacker.
The Hack
Last year, hackers managed to steal around $7m worth of Ethereum from CoinDash by changing the firm’s wallet address on its website to one they controlled. This led to over 2000 investors unknowingly sending Ethereum to the malicious address, resulting in losses totaling 37,000 ETH.
The Reimbursement
In response to the hack, CoinDash promised to reimburse the affected investors with CoinDash Tokens (CDTs) reflecting each contribution. However, the unexpected return of 20,000 ETH from an anonymous source believed to be the original hacker has added a new twist to the story.
CoinDash CEO’s Response
CoinDash CEO, Alon Muroch, has stated that the Israeli Counter Cyber Terrorist Unit has been informed about the situation and that the hacker’s Ethereum address will be monitored for any suspicious activities. Despite the unexpected turn of events, Muroch remains committed to the company’s vision and confirms that the product launch will proceed as planned.
Previous Transfers
This is not the first time funds have been returned from the same FAKE_CoinDash account. In September last year, CoinDash received 10,000 ETH from the hacker. The total value of the returned funds, considering today’s Ethereum prices, exceeds $26m.
Industry Challenges
While CoinDash may have been fortunate in this situation, Ernst & Young reported last month that crypto-ICOs typically lose 10% of their funds to hackers, with a total of $400m already stolen. This highlights the ongoing challenges faced by companies operating in the cryptocurrency space.
Overall, CoinDash’s unexpected gift from the hacker adds an intriguing twist to the company’s journey as it prepares to launch its product today.