Promising ICO project Taylor shot down on takeoff

A young project that promises to help newcomers to the exchange as an electronic trader lost about $1,536,488 as a result of a hacker attack last week.

The project develops applications for cryptographic trading, simple and functional in nature, for managing crypto assets using a smartphone. A smart platform to help novice traders should monitor events on major exchanges and conduct technical analysis to find investment opportunities, acting as an electronic advisor, signaling the possibility of a profitable trade on a smartphone. The startup successfully completed its ICO campaign in March, raising 2,578.98 ETH. 

All collected funds, according to the Taylor team, were stolen by hackers. Moreover, the hackers cleared not only the balance in ETH (2,578.98 ETH), but also TAY tokens from the wallets of the development team and the bounty campaign. The attackers only left coins in the pools for founders and consultants, since certain restrictions were imposed on transactions with them. The estimated amount of damage is one and a half million dollars.

Somehow, hackers gained access to one of the devices and took control of one of the 1Password files, the project said in a statement. Experts claim that the hacker’s “handwriting” is reminiscent of the CypherumChain hack, which resulted in the theft of 17,000 ETH. He is also credited with other attacks, and the total damage is estimated at 48,440 ether coins ($26 million). 

After the hack, the creators of the project noticed an attempt at a large sale of their tokens on IDEX, so the team asked for the immediate removal of trading pairs from the IDEX and EtherDelta exchanges and promised the community that they would continue to work on the security of the platform. Since the hacker stole most of TAY, the developers plan to issue a new token and exchange TAY holders for a new one in the near future. The team is already developing a plan for issuing new tokens and revising the roadmap. 

This event seriously affected the reputation of the crypto project and the developers themselves. During active discussions online, opinions were voiced about the team's involvement in the hack, given serious errors in the security system. In the official Telegram group, a question was asked to the developers whether the theft was “included in the roadmap.”