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 methods used by KickCoin in integration with the Bancor network [BNT] to hide their activities. Bancor network is one of the partners of KICKICO, which is a decentralized liquidity network that allows integrated tokens to be converted instantly to any other token.
The hackers were able to knock down tokens at nearly 40 addresses of KICKICO and later created tokens at the other 40 addresses worth the same corresponding amount. This way, the total number of tokens in the network did not change.
However, KICKICO’s team was able to regain the authority over their tokens by replacing the hacked private key with the private key which was stored in the cold storage and prevented further losses.
The control over their smart contract has been restored successfully and completely. The KICKICO team responded immediately to the hack when the token holders started reporting complaints regarding the token loss from their wallets. Almost $800,000 worth KickCoins were missing from the wallets.
The team reported that the wallets of the KickCoin holders are now safe. The token holders can email KICKICO on their 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.
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