Payment and shipment startup CoinDash launched an initial coin offering (ICO) campaign early this summer, but it quickly had to pump the brakes after its ethereum address was compromised.
The startup raised $7.3 million before a hacker changed the address, causing donations to go to an unknown party. The company shut down the ICO, but promised to send its native token award, CDT, to those who attempted to donate.
While the company stated that donations sent after it had released its statement would not be honored, some investors continued to show support by donating to the hacked address, inadvertently raising the amount of stolen funds from $7 million to $10 million at the time.
All in all, the incident showcases the growing pains experienced by ICOs, which despite raising massive amounts of funds, still had to navigate the complexities of an early-stage technology.
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