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Cryptocurrency Trading App Taylor loses 2,578 ETH in hack


The creators of Taylor, a cryptocurrency trading app, have claimed that they have lost about 2,578.98 Ether (which is currently valued at over $1.49 million) from the company’s wallet in an attack by an unidentified hacker.

Taylor posted on Medium on May 22, revealing that they had been hacked and almost all their funds stolen. The company said that apart from the Ether, TAY tokens were also stolen from the Team and Bounty pools, amounting to over 7 percent of the total supply.

“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 report read.

The company wrote that since they are still investigating the attack, they cannot reveal much, but said, “What we can say is that it was not a smart contract exploit. Somehow the hacker got access to one of our devices and took control of one of our 1Password files.”

Taylor believes that the hacker is the same person or group that hacked CypheriumChain and stole over 17,000 ETH (amounting to about $9 million), as the hacker worked by collecting the amount from multiple sources into a single wallet then transferring it to a bigger wallet, which is allegedly the same wallet where the tokens from the CypheriumChain hack were transferred.

The team also noticed an attempt to dump the stolen TAY tokens on IDEX and asked them to delist TAY until they knew more about the situation, which means that the market is down for TAY and even legitimate token holders cannot trade.

“We are considering to issue a new token and swap the old one,” the company said. “The goal is to make sure the hacker does not receive the new token. We analyzed all transactions made by him, and we know exactly where the stolen tokens are.”

Taylor warned token owners to stop all trading of TAY tokens until more information is revealed and new tokens are sent out, “otherwise, you may lose your money and will not be able to receive the new token.”

“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. We are not going anywhere!” the company said after the attack.