“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 (more than 7% of the total supply). 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.” reads the announcement published by the company on Medium.
“We are still investigating, but, as far as we know, the hacker is same person/group that supposedly hacked CypheriumChain (more than 17,000 ETH were stolen). “
The hacker was able to access one of the company devices and then gained the access to one of the 1Password files, the company excluded that attackers used a smart contract exploit.
The only tokens that were not stolen by the attacker are those belonging to the Founders’ and Advisors’ pool because they were held in an inaccessible vesting contract.
The company believes the TAY tokens could be soon exchanged for other cryptocurrencies, for this reason, asked the IDEX platform to temporary suspend the trade the TAY tokens to block the hacker. Such kind of countermeasure could have a dramatic effect on legitimate TAY token owners that will not able to trade their tokens.
Due to the hack, the Taylor team will stop the launch of its trading app that was initially planned for this month.
Someone is speculating this could be an exit scam.
Pierluigi Paganini is member of the ENISA (European Union Agency for Network and Information Security) Threat Landscape Stakeholder Group and Cyber G7 Group, he is also a Security Evangelist, Security Analyst and Freelance Writer.
Editor-in-Chief at "Cyber Defense Magazine", Pierluigi is a cyber security expert with over 20 years experience in the field, he is Certified Ethical Hacker at EC Council in London. The passion for writing and a strong belief that security is founded on sharing and awareness led Pierluigi to find the security blog "Security Affairs" recently named a Top National Security Resource for US.
Pierluigi is a member of the "The Hacker News" team and he is a writer for some major publications in the field such as Cyber War Zone, ICTTF, Infosec Island, Infosec Institute, The Hacker News Magazine and for many other Security magazines.
Author of the Books "The Deep Dark Web" and “Digital Virtual Currency and Bitcoin”.