Taylor, crypto trading assistant hacked for 1.7M dollar (2579 ETH)

Taylor, the smart cryptocurrency trading assistant has been hacked yesterday for their entire Ethereum funds, and even some of their tokens ‘TAY’ from the team and bounty pools. The exact number that got transferred is 2,578.98 Ether equalling $1.795,066.03 at the time of TX.

We’ll leave the full statement provided on Medium below and follow up on our view of the recent events to hopefully clear things up for the investors.


This is a dark day for Taylor

We’ve been hacked and we need your support

We would like to come with good news like last week, but at this time it will not be possible. Even though we have unfortunate news to share, we must tell our community the whole truth as we’re committed to the absolute transparency we owe you. That’s the only conceivable course of action we could take in order to live up to the trust and support you have given us.

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. 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.

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 collected the amount from multiple sources in a single wallet, then transferred it to a bigger one (the same as @CypheriumChain).

After that we noticed an attempt to dump the stolen tokens on IDEX, then we asked the IDEX team to delist TAY until we have a clear vision on the situation. This is why the market is not available at the moment. We also tried to contact someone at EtherDelta but we’ve got no response from them yet at the time of this writing.

If you follow our development, you are witnessing our evolution every week. Last week we released an exciting development update. This week we were planning to work on important things in order to release the beta version. As we have been saying: we are here to stay. We have great minds in our team and we are eager to make Taylor succeed in the long term.

Even though we took the duly security measures to prevent this kinds of situation, we could not stop what seems to have been a highly advanced and coordinated attack, so for now we have more questions than answers. Things will become clearer once we find the security breach that allowed the hacker to compromise our funds. If you have any sort of information that can help us find the hacker or recover the funds, please contact us on Telegram.

We will probably not recover the stolen funds, but we have one of the most important assets a company can have: a strong community. This is the time for you, community member, to show your support towards such a difficult situation for all of us. We’re doing the best we can to overcome this unexpected mishappening and grow even bigger and stronger, so your support is absolutely paramount to Taylor’s success.

We reassure that we will spare no efforts to find a way to mitigate the implications of this incident for every single legit token holder. We are not going anywhere!

We will keep you updated.

Thank you for your support.


 

Luckily it seems that the project still had some funds available on exchanges, a couple hundred ETH, but this is hardly enough to cover the costs of development and marketing.

Right now Fabio Seixas replied to us stating that they’re working out a new roadmap adjusted to the situation. It’s a good sign that they’re actively engaging in their Telegram group, unlike the project CypherChain – allegedly hacked by the same group – that decided to ban all users asking questions regarding the hack.

We could not find out more information about the hackers, as might be expected. Though, it seems like the hackers tried to send the TAY tokens to exchanges in order to dump, which they couldn’t because they noticed the suspicious activity.

“Even though we took the duly security measures to prevent this kinds of situation, we could not stop what seems to have been a highly advanced and coordinated attack, so for now we have more questions than answers.” Fabio Seixas

One could wonder if they did everything they could to stop this from happening as it’s obvious the funds were not held in cold storage as is advised for businesses holding a lot of funds. Though the harm is already done, so now the faith of this project lies in the hands of the team behind it, and more importantly, their community. As of right now, the token has been delisted from exchanges until further notice. No information has been shared about possible refunds. Perhaps in the future, they’ll reconsider where they hold their funds and hopefully they will recover from this and supply their investors with a plan to set things straight after the bad news. Maybe an underground vault doesn’t seem like such a bad idea after all.

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