CoinDash loses even more: theft tops $10m

  Lamentable Ethereum ICO CoinDash сontinues to incur losses
19 July 2017   2278

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.  

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   67

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.