Cryptocurrency

$1.35 Million Stolen From Ether Wallet Via Cryptocurrency Market Trading App

An unidentified hacker/hackers stole approximately $1.35 million worth of Ether from the Taylor Company’s wallets via the cryptocurrency market. The robbery happened last week Tuesday on May 22.

The hacker, according to the Taylor team was able to take control of one of their 1Password files by gaining access to one of their devices.

All of our funds have been stolen. Not only the balance in ETH (2,578.98 ETH), but also the TAY tokens from the Team and Bounty pools. The only tokens that were not stolen are the ones from the Founders’ and Advisors’ pools because there’s a vesting contract making them inaccessible for now.

The hackers stole Ether worth $1.35 million via cryptocurrency market. The funds, according to the Taylor team were transferred through multiple addresses into a much bigger wallet. The company is sure that the hacker responsible for the robbery is the same group or individual who robbed more than 17,000 Ether ($9 million) from the CypheriumChain project in March since the IP address to which the funds have been transferred are the same.
The stolen funds are from the company’s recently completed initial coin offering (ICO) round.

Hacker Steals TAY tokens

The hacker/hackers robbed few of the TAY tokens that were created by the Taylor company for the ICO as well. Even though the company did not reveal the amount of TAY tokens that have been robbed, it is being assumed that it would have been a huge amount. They reportedly even noticed an attempt made to exchange them for other cryptocurrencies.
Meanwhile, developers have asked the IDEX platform (from where TAY tokens can be traded) to delist TAY tokens for the time being so that the hackers will not be able to monetize the stolen funds.

Rumors are abuzz that this is more of an exit scam by the Taylor Company as they were expected to launch this month the Taylor mobile app into beta stage. However, after the hack of Ether, and their TAY tokens via the cryptocurrency market, they have stopped working full time on the app.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Smitha Nambiar is a highly experienced writer who believes in heavy research. She keeps looking for new updates related to cryptocurrency and helps her readers know about it.

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