Hack upd: 10,000 ETH returned to CoinDash

Hackers returned 10 000 ETH stolen during ICO to CoinDash
21 September 2017   1554

Hardly had the Ethereum Token Sale CoinDash started (July 17th), the website has been hacked.

The official CoinDash statement was out on the company’s website. Thus, $7 million were stolen during the attack. The perpetrator’s identity hasn’t been established.

Now the Israeli blockchain start-up CoinDash claims that hackers returned part of the funds stolen in July. In total, CoinDash got back 10,000 ETH (about $ 2.9 million at the current exchange rate). 

Today at 05:13:28 PM +UTC, 10,000 ETH were sent back from the hackers address (FAKE_CoinDash) to one of CoinDash’s ETH accounts; Address (Tx Link)

CoinDash team

A small translation tof 488 ETH was made from the address of the hacker on ShapeShift through several accounts on proxy servers. Noticing this transaction, the CoinDash team stepped up efforts to investigate the theft, including turning to the unit for countering terrorist activities in Israel.

Representatives of CoinDash also argue that they will continue to monitor the hacker's address.

Hype.codes will keep you updated.

SEC May Signal Some Flexibility on ICOs

Looks like senior advisor for digital assets and innovation at SEC is not 100% against ICOs
14 December 2018   41

Some blockchain projects may be able to circumvent the requirements of US securities laws by contacting the Securities and Exchange Commission (SEC) for a so-called non-action letter. As SEC consultant on digital assets and innovations Valerie A. Szczepanik explained, such letters will not be issued often, but this does not mean that they cannot be received at all.

I think that’s a way forward for a lot of people who want to implement some of these things that may not exactly fit in the format of the rules that we want. 

Valerie A. Szczepanik

Senior advisor for digital assets and innovation, SEC

According to advisor, issuers of tokens have three ways to comply with the requirements of the laws: register an offer of securities, declare an exceptional case, or "make sure they're not a security."

In certain cases, the SEC may decide that “maybe this doesn’t fit the letter of our law or regulation but it fits the spirit and we can accomplish all the goals of investor protection”. In this scenario, the SEC may indeed issue such a letter, which will indicate that its employees do not recommend taking legal measures against a particular issuer.

The letters set forth exactly what the person plans to do or the entity plans to do and if it’s something that the SEC feels comfortable with we can release a no-action letter for exemptive relief saying ‘we can recommend no enforcement action.

Valerie A. Szczepanik

Senior advisor for digital assets and innovation, SEC

As reported, her remarks signaling a modicum of flexibility are notable in light of SEC Chairman Jay Clayton’s advice last month to anyone raising money by selling a token that they should “start with the assumption that it is a security.”

Speaking about the principles of recognition of tokens as securities, Valerie recommended to take into account the structure of sales. According to her, only in rare cases the token will not be recognized as a security. Most often, investors expect to profit from investments in such proposals, which is enough to recognize them as the spread of securities.