KICKICO, an ICO Suffered a Major Cyber Attack
On 26th July, KICKICO, an ICO and a crowd-funding platform suffered a major cyber attack. The hackers gained access to the KICK smart contract account based on Ethereum platform and 70,000,000 worth KICK tokens which accounted for $7.7 million in the current exchange rate.
The hackers gained access to the owner’s private key and utilized the techniques utilized by KickCoin in integration with the Bancor network [BNT] to cover their actions. Bancor network is among the partners of KICKICO, which really is a decentralized liquidity network which allows integrated tokens to be converted immediately to any additional token.
The hackers could actually knock down tokens at almost 40 addresses of KICKICO and later produced tokens at the additional 40 addresses worth the same corresponding amount. Nevertheless, KICKICO’s team could restore the authority over their tokens by changing the hacked private key with the private key which was kept in the cold storage and prevented additional losses. This way, the total number of tokens in the network didn’t change.
The control over their smart contract has been restored effectively and completely. Almost $800,000 worth KickCoins were missing from the wallets. The KICKICO group responded instantly to the hack when the token holders began reporting complaints about the token loss from their wallets.
The group reported that the wallets of the KickCoin holders are actually secure. The token holders can email KICKICO on the official email-id in order to redeem the lost tokens. At the time of writing, after the breach, KickCoin fell down at a rate of 2.20% in the past 24 hours and is traded at a price of $0.1.