CoinDash loses even more: theft tops $10m

  Lamentable Ethereum ICO CoinDash сontinues to incur losses
19 July 2017   3415

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 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.  

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   316

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.


Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.