Cryptocurrency News

Crypto Trading Platform “Taylor” Hacked: $1.5 Million Stolen

It is the type of criminal act that unfortunately is becoming increasingly commonplace:  Taylor, a new company that recently launched its own ICO to raise funds for a cryptocurrency Trading Assistant App has been hacked and had all of their funds stolen. A message on their blog simply says: “We’ve been hacked and we need your support!”

Taylor, an Estonian-based company that had recently develop their Taylor Trading Assistant for cryptocurrency, are the latest victims of an aggressive hack that has resulted in all of their funds being stolen – including money they had raised from a recent ICO – around $1.5 million in total. Here is part of a statement posted on the Taylor blog earlier today (May 26):

“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).”

According to Taylor, the hacker (or hackers) stole their funds from multiple sources, directed them all  into a single wallet, then transferred them to a larger one, the same wallet they claim that CypheriumChain’s funds also ended up. If correct, this wallet could now contain over $28 million worth of ETH.

Who Are Taylor?

Based in Estonia, Taylor is a smart cryptocurrency trading assistant service. Taylor was co-founded by the Brazilian duo of Fabio Seixas and Thiago Régis, two entrepreneurs with decades of experience in digital technology, and veterans of several other startups. They have assembled a sizeable team of developers and programmers, the majority also from Brazil.

News of Taylor’s February ICO was featured on multiple crypto news sites including BitGuru, Coin24 and Blockchain News, all of whom wrote lengthy articles about Taylor and their Trading Assistant App. In general, the app appears to have been given rave reviews across the board.

Taylor’s immediate goal is to reimburse users, and the company plan to distribute a new token. Those who had a balance at block number 5663273 will receive the new token.

The post relating to this on the Taylor blog reads:

“The goal is to make sure the hacker does not receive the new token. We analyzed all transactions made by him, and we know exactly where the stolen tokens are.”

Taylor’s co-founder Fabio Seixas stated that the company is now looking to employ a company to investigate the hack, and promised to keep Taylor users updated, stating:

“Soon, we will reveal an action plan both in relation to company’s operations and what will happen to the token. For the time being, I cannot clarify more details about the token, otherwise the hacker might move ahead of our actions. “

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