May 2018 - Taylor Ethereum Hack - $1.5m (Brazil)
“The makers of a cryptocurrency trading app called Taylor were raided by hackers to the tune of $1.5 million worth of ETH. The incident occurred shortly after Taylor’s ICO began. Hackers made away with all of the funds that the group had raised. Following the heist, the thieves tried to sell the TAY tokens they had stolen on IDEX. To prevent the thieves from cashing out, Taylor’s developers asked IDEX to temporarily delist TAY.”
Further Analysis
It appears to be a simple case of Ethereum stored insecurely, and breached by a hacker. The application appears to have launched successfully, with the company issuing a new token to replace the old one. Final words from the founder - "This episode will make us stronger." The project appears to still be running at this time.
More Cryptocurrency Exchange Hacks/Scams/Frauds
Bittrex Bitcoin Gold Double-Spend > > < < Dubai Bitcoin Gang Heist
Sources/Further Reading
Taylor Phoenix: Rising from the ashes (Feb 7)
$1.5 Million: Crypto Trading Platform Taylor Suffers 2,500 ETH Hack (Feb 7)
Cryptocurrency trading app Taylor says all funds have been stolen in cyberattack | ZDNet (Feb 8)
An open letter on Taylor’s current situation (Feb 8)
100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents (Jan 25)
Q3 2018 Cryptocurrency Anti-Money Laundering Report - CipherTrace (Feb 15)
Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com (Mar 5)
SlowMist Hacked - SlowMist Zone (Jun 26)
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