Pierluigi Paganini May 29, 2018

Hacker stole $1.3 million from cryptocurrency startup Taylor, the development team will stop the launch of its trading app that was initially planned for this month.

The author of the Taylor cryptocurrency trading app announced a security breach, an unknown hacker has stolen around $1.35 million worth of Ether from the wallets of the company.

The funds were collected by the company through an initial coin offering (ICO) round.

The attack occurred on May 22. the company is still investigating the incident but it believes the culprit is the same hacker that supposedly hacked CypheriumChain stealing more than 17,000 ETH.

According to the experts, the hacker stole funds from multiple companies and moved them in a wallet used as an aggregator, then transferred them to the same wallet (0x94f20ccff70d82d1579d8B11f2985F8dE9B287Cf) involved in the CypheriumChain hack in March .

“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

(Security Affairs – Taylor trading app, hacking)

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