{"id":1768,"date":"2018-05-29T14:11:08","date_gmt":"2018-05-29T14:11:08","guid":{"rendered":"https:\/\/packetstormsecurity.com\/news\/view\/28991\/Cryptocurrency-Trading-App-Taylor-Says-All-Funds-Have-Been-Stolen.html"},"modified":"2018-05-29T14:11:08","modified_gmt":"2018-05-29T14:11:08","slug":"cryptocurrency-trading-app-taylor-says-all-funds-have-been-stolen","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/cryptocurrency-trading-app-taylor-says-all-funds-have-been-stolen\/","title":{"rendered":"Cryptocurrency Trading App Taylor Says All Funds Have Been Stolen"},"content":{"rendered":"<p><span class=\"img aspect-set\"><img decoding=\"async\" src=\"https:\/\/zdnet1.cbsistatic.com\/hub\/i\/r\/2018\/05\/29\/69718ad8-d6bd-4ae0-9a83-1d34eac2da1d\/resize\/770xauto\/66a168a9b97ffa77f2fc7da4dbf5b3bf\/screen-shot-2018-05-29-at-11-20-34.jpg\" class=\"\" alt=\"screen-shot-2018-05-29-at-11-20-34.jpg\" height=\"auto\" width=\"770\"\/><\/span><span class=\"credit\">File Photo<\/span><\/p>\n<p>A nightmare for promising startups but a common problem in the cryptocurrency industry is theft &#8212; and the attacker which allegedly targeted Taylor did not hold back.<\/p>\n<div class=\"relatedContent alignRight\">\n<h3 class=\"heading\"><span class=\"int\">More security news<\/span><\/h3>\n<\/div>\n<p><a href=\"https:\/\/smarttaylor.io\/\">Taylor<\/a> is a startup which wants to bridge the connection between cryptocurrency exchanges and mobile technology through the design and launch of a dedicated trading app.<\/p>\n<p>The team has apparently developed the Taylor smart cryptocurrency trading assistant which is touted as &#8220;an easy to use app that will help you to make profit every day.&#8221;<\/p>\n<p>However, the project has been scuppered by an attack which has completely drained the startup of its cryptocurrency store.<\/p>\n<p>The attack apparently took place on Tuesday last week. In <a href=\"https:\/\/medium.com\/smarttaylor\/this-is-a-dark-day-for-taylor-ded587463da7\">a Medium blog post<\/a>, the Taylor team said that &#8220;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.&#8221;<\/p>\n<p>This equates to approximately $1.5 million.<\/p>\n<p>However, the team claims that some funds were not stolen, and these were held in the Founders&#8217; and Advisors&#8217; pools and bound by a vesting contract.<\/p>\n<section class=\"sharethrough-top\" data-component=\"medusaContentRecommendation\" data-medusa-content-recommendation-options=\"{&quot;promo&quot;:&quot;promo_ZD_recommendation_sharethrough_top_in_article_desktop&quot;,&quot;spot&quot;:&quot;dfp-in-article&quot;}\">\n<\/section>\n<p>According to Taylor, an investigation is taking place but the team says that the threat actor behind this attack may be the same as those connected to a cyberattack reportedly levied against CypheriumChain.<\/p>\n<p>Taylor claims that security measures were in place to prevent such an attack, but these appear to have failed and while &#8220;we are all aware of the good practices, we confess that we may have neglected some very important details.&#8221;<\/p>\n<p>The company says the incident appears to be a &#8220;highly advanced and coordinated attack&#8221; but has revealed no further details.<\/p>\n<p>The market for TAY tokens has closed on IDEX. The Taylor team claims that after witnessing a <a href=\"https:\/\/etherscan.io\/address\/0xf243209d0623207fc9f2e9068084f6884a5f1053#tokentxns\">stolen fund dump attempt<\/a> on IDEX, they themselves made the request to delist.<\/p>\n<p>&#8220;We will probably not recover the stolen funds, but we have one of the most important assets a company can have: a strong community,&#8221; Taylor says. &#8220;We&#8217;re doing the best we can to overcome this unfortunate incident and grow even bigger and stronger, so your support is absolutely paramount to Taylor&#8217;s success.<\/p>\n<p>We reassure that we will spare no efforts to find a way to mitigate the implications of this incident for every single legit token holder.&#8221;<\/p>\n<p>In <a href=\"https:\/\/medium.com\/smarttaylor\/an-open-letter-on-taylors-current-situation-49c8f25f0ce1\">an open letter sent<\/a> to the startup&#8217;s supporters, Taylor said in an update that the firm had only $25,000 left, which has forced the company to rethink its future.<\/p>\n<p>Fabio Seixas, Taylor co-founder and CEO said that a rebrand may be on the cards, as well as an &#8220;emergency&#8221; token sale to raise funds.<\/p>\n<p>Seixas also suggested a cash injection from angel investors could save the project but warned this could take months.<\/p>\n<p>&#8220;The goal for both funding options is to raise only enough to have a small and lean team to work for 12 months, paying for the basic operational and infrastructure costs,&#8221; the executive added. &#8220;This timeframe should be enough to release the app, acquire the first users, start gaining some traction and generating revenue.&#8221;<\/p>\n<p>Whenever a cryptocurrency or blockchain-related startup or Initial Coin Offering (ICO) claims that a cyberattack has taken place, there is always skepticism as so many end up ghosting with investor funds and conducting exit scams.<\/p>\n<p>Taylor was due to release its mobile app within the coming weeks and now is, instead, asking for participation in an emergency token sale.<\/p>\n<p>As with any startup, project, or new face in the cryptocurrency industry, traders should make sure they perform due diligence before investing.<\/p>\n<p><strong>See also: <a href=\"https:\/\/www.zdnet.com\/article\/critical-vulnerability-impacts-bitcoin-cash-miners\/\">Critical vulnerability impacts Bitcoin Cash miners<\/a><\/strong><\/p>\n<p>Last week, the Bitcoin Gold (BTG) network <a href=\"https:\/\/www.zdnet.com\/article\/bitcoin-gold-hit-with-double-spend-attacks-18-million-lost\/\">suffered a 51 percent attack<\/a>; a bold technique used by a well-resourced threat actor which resulted in the theft of $17.5 million in BTG coins.<\/p>\n<p>The attack lasted several days. However, it was not due to a vulnerability in the Bitcoin Gold network, but rather, 51 percent attacks are theoretically possible against all blockchain networks &#8212; but it is rarely seen in practice.<\/p>\n<h3>Previous and related coverage<\/h3>\n<p>READ MORE <a href=\"https:\/\/packetstormsecurity.com\/news\/view\/28991\/Cryptocurrency-Trading-App-Taylor-Says-All-Funds-Have-Been-Stolen.html\">HERE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>READ MORE HERE&#8230;<\/p>\n","protected":false},"author":2,"featured_media":1769,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","footnotes":""},"categories":[60],"tags":[838],"class_list":["post-1768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-packet-storm","tag-headlinebankcybercrimedata-lossfraudcryptography"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin 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