KICKICO Lost $7.7 Million After KickCoin Smart Contract Was Hacked

Continuing with the trail of crypto hacks, this time, an ICO suffered security breach losing crypto tokens worth millions of dollars. Reportedly, KICKICO lost around $7.7 million after the KickCoin smart contract was hacked, nonetheless, the ICO has declared they have complete control over the breach and are ready to refund the loss to the victims.

KICKICO Lost $8 Million Worth Of KICK

On July 26, 2018, KICKICO faced a cyber attack losing 70 million Kickcoin tokens. The hackers managed to access the private key of the KickCoin smart contract owner to access the KickCoin tokens and smart contracts on the platform. As a result, Kickico lost around $7.7 million worth of tokens.

Kickico noticed the security breach after receiving recurrent complaints from the users regarding the loss of tokens. Kickico then stepped up to investigate the matter and to contain the attack. After they secured the platform, they informed their users about the matter on their official blog. About how the hackers managed to steal such a large amount of tokens, the blog states,

“In order to hide the results of their activities, they employed methods used by the KickCoin smart contract in integration with the Bancor network: hackers destroyed tokens at approximately 40 addresses and created tokens at the other 40 addresses in the corresponding amount. In result, the total number of tokens in the network has not changed.”

‘Situation Is Now Under Control’

After initially receiving complaints from some users regarding the loss of tokens worth $800,000, Kickico quickly fought back to halt the security breach. They replaced all the hacked private key with a private key of the cold storage to avoid further loss. Eventually, they ‘regained control’ over the lost tokens, and eliminated the problem. They are also offering a refund to the users who suffered the loss in this hack.

“At the moment, the control over the smart contract has been fully restored. The project team asks all those whose tokens have been stolen to email [email protected] for the return of funds to wallets.”

Crypto hacks are seemingly becoming common now. A few days ago, we reported about the financial service provider Etherscan.io got hacked. Likewise, a lot of hacks have pilfered millions of dollars from various crypto exchanges this year.

Let us know your thoughts in the comments.

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Posted from my blog with SteemPress : https://latesthackingnews.com/2018/07/31/kickico-lost-7-7-million-after-kickcoin-smart-contract-was-hacked/

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