$1.35 Million Hack Devastates Crypto Trading App Taylor
The news came from a letter addressed to their community last week, where the company stated:
“Today we arrived at the office and found out that we’ve been hacked and 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 hack is still currently under investigation, though Taylor has acknowledged that it is unlikely that they will retrieve the stolen funds.
The Taylor team has also asked that no one buy, sell or transfer any TAY tokens for the moment, stating that anyone who does so will lose money. Taylor is currently considering replacing the token to devalue the stolen funds.
Here are some more informations about the incident and the first actions.
— Taylor (@SmartTaylorApp) May 23, 2018
- End the company and release all source code and resources.
- Taylor could become a part-time endeavor.
- Get funding from another source such as an “Angel or VC.”
- Offer a survival token sale and make the remaining tokens available for purchase.
Seixas has asked for feedback from the community on which option is best. The direction that the Taylor app will take remains uncertain.