CoinDash Reports $7m Hack to Cyber Security Investigators of "Israeli FBI"

CoinDash, the cryptocurrency social trading and portfolio management platform, has reported to Lahav 443 the hacking attack on its ICO, which cost investors over $7 million in Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term. Lahav 443 is a national level crime-fighting organization of the Israel Police, equivalent to the American FBI.

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In a new update to investors, CoinDash writes: "An official police complaint has been already filed at the Israeli cyber security law enforcement - Lahav. Simultaneously we have approached several private cyber investigation parties and are waiting for their report. Once we will have such report, we will share its conclusions with you."

Going forward

Beyond the investigations into the hacking, CoinDash also revealed more details about its plans.

In order for everyone to receive their CDT tokens, a new CDT contract containing the same amount of tokens must be created. The reason behind this decision is that CoinDash currently does not hold enough liquid CDT tokens (most of the company’s tokens are locked in the Smart Contract Smart Contract A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist A smart contract is a piece of software that automatically executes a pre-determined set of actions when a certain set of criteria or met. One of the key tenets of smart contracts is their ability to perform credible transactions without third parties and are self-executing, with their conditions written into the lines of code that form themAdditionally, these transactions are both trackable and irreversible. For example, a smart contract could be used to give royalty payouts to a musical artist Read this Term for long periods of time) in order to proceed with the planned distribution.

It adds that the timeline for the token distribution depends on the fraudulent address contributors and their cooperation with regard to providing CoinDash with all their information. Unclaimed tokens will be kept by the company for latecomers. Assuming full cooperation will be achieved, the distribution will take place next week.

In an effort to stabilize the CDT price following its distribution, CoinDash will offer CDT bonuses to anyone who will hold his tokens and not engage in any trading activity for six months counting from the distribution date.

Lastly, CoinDash tried to reassure investors: "Since the token sale events we have considered many different options and plans in order to come with the ultimate solution for the situation. We truly believe that the plan we came up with and presented to you reflects the most balanced and stable solution to the situation and to all those concerned."