CoinDash loses even more: theft tops $10m

  Lamentable Ethereum ICO CoinDash сontinues to incur losses
19 July 2017   1710
Ethereum

Is an open-source blockchain-based distributed computing platform featuring smart contract functionality, which facilitates online contractual agreements 

The news about Ethereum ICO CoinDash continues shaking the community.

As you know, the ICO fell prey to hacker attack on July 17th. The hacker(s) managed to steal about $7 Million hardly had the Token Sale started.

The official CoinDash statement was published on the company’s website concerning  the refund for the investors affected. CoinDash took responsibility for their contributors' losses and promised to send CDTs reflective of each contribution.

Thus, contributors that sent ETH to the fraudulent Ethereum address, which was maliciously placed on the website, and sent ETH to the CoinDash.io official address will receive their CDT tokens accordingly. However, transactions sent to any fraudulent address after the website was shut down will not be compensated, as CoinDash team detailed. 

Unfortunately, that was not the end of CoinDash ICO troubles.

An updated official statement is now out on their website. According to the report, money continues to trickle into an Ethereum address compromised during an Initial Coin Offering as a few prospective investors were still sending ether. As a result, the total lost in the theft has been brought up to around $10m.

Thus, 2,000 investors have now sent a total of 37,000 ethers to the fake address after the Token Sale started. At publication, around 43,500 ether had been sent to the address in total, bringing the value of the theft to just under $10.3m. 

As reported, CoinDash has launched an internet forensic investigation to determine who was behind the hack. The team still tries to keep their chins up:

The only way now is to move forward ... Such malicious attacks will not divert us from developing a product that will make crypto investments more accessible to the public.
 

CoinDash Team on their blog

More information is to be published as the investigation progresses.  

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   143

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.