Ethereum-based crowdfunding-orientated platform KICKICO announced that it had suffered an attack and that the hackers managed to get away with 70 million KICK tokens, the current equivalent of $7,7 million.
The company stated that its team learned about the attack hours later after it happened when various users started complaining that they couldn’t find their tokens.
The KICKICO team urged users to stay calm as it managed to get control over the situation and to restore the full functionality of the smart contract. According to the announcement, hackers got access to the private key of a KickCoin smart contract that integrated with the Bancor network.
To keep their activity as stealthy as possible, the hackers deleted tokens from 40 addresses and generated the corresponding amount of tokens at other 40 addresses. This way, the attackers ensured that the total amount of tokens in the system stayed practically unchanged.
Thanks to the community’s swift response, the team was able to react relatively quickly and prevented further losses. This was done by replacing the compromised key with a different one of the cold storage.
KICKICO’s team seems to be made up of true professionals
“At the moment, the control over the smart contract has been fully restored. The project team asks all those whose tokens have been stolen to email report@kickico.com for the return of funds to wallets,” the team stated in their announcement.
The team went on further to apologize for the incident and guaranteed the return of the stolen funds to all those wronged: “We’ll return exact amount of tokens to their legit owners. We apologize for the inconveniences, but guarantee that the situation is under control.”
KICKICO is specialized in crowdfunding and fundraising in the crypto world. In short, the platform makes it as straightforward as possible to its users to buy tokens of various innovative projects in their early stages.
At the time of this writing, KickCoin (KICK) is listed 133rd on CoinMarketCap and has only lost somewhere around the 1,28% mark in 24 hours.