Taylor, a cryptocurrency trading app, could was recently hacked by an unidentified hacker who reportedly stole over $1.35 million of Ether from the company wallets. The hack was allegedly executed on Tuesday, May 22. The team says that the hacker “got access to one of our devices and took control of one of our 1Password files.”
The dev team later said, “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 team suggests that a previously-known hacker could have orchestrated the attack. The funds were transferred through several multiple addresses into a bigger wallet that was located at 0x94f20ccff70d82d1579d8B11f2985F8dE9B287Cf. The team suggests that the hacker is the same group or person who has stolen more than 17,000 Ether amounting to $9 million from CypheriumChain in March. Moreover, this is the wallet address that funds from both the companies have ended in.
The team’s funds also include the funds they have collected after a recent ICO. The hacker not only stole Ether coins but also took away the TAY tokens that the company has created for the ICO. This means the value of the hack could be even bigger than the primary numbers. After the hack was discovered, some members of the dev team noted that the hackers were trying to dump some of the tokens and get some other cryptos in the market.
These coins were traded on the IDEX platform. The developers have asked the exchanged to delist all the TAY tokens for the time being. This will help in avoiding the unscrupulous people from monetizing their coins. This move will affect the legitimate owners of the coins who will not be able to trade their coins on the platform. This has created some panic and frustration on part of the users who have not been given a deadline of the temporary trading ban.
There is another side to the story as well. Rumors around the crypto circles suggest that Taylor hack was just another exit scam. Note that the team was supposed to launch a mobile app in beta by the end of the month. However, now with all their Ether and TAY tokens gone, they have announced that they will stop working full-time on the app. Some people suggest that the team itself is behind the hack and has put up this entire façade to hide their ulterior motives.
These rumors were further fueled by the company’s statement which read, “we will probably not recover the recover funds, but we one of the most important assets a company can have: a community.” They have also suggested that they are still trying to find the breach that led to this mishappening and has asked the people in their community to let them know if they have any idea about developments in this case.
