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Hacker Returns $26 Million in Ether Stolen from CoinDash ICO

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Hacker Returns $26 Million in Ether Stolen from CoinDash ICO

A hacker that stole over 43,500 ether tokens after compromising the CoinDash ICO last year has now returned three quarters of the sum after transferring a second payment of 20,000 ETH to CoinDash on Friday, February 23.

Media reports emerged in July 2017 that CoinDash’s initial coin offering (ICO) website had been compromised. A hacker allegedly switched the Ethereum address on the ICO fundraising website, scamming over 2,000 potential investors into sending over 43,500 ETH to the wrong address.

Around the middle of July, when reports of the hack first appeared, Etherium was trading for about $155 per unit, which would have made the heist worth over $6.7 million. The value of ETH has since exploded, and the haul would be worth $37.7 million as of writing.

However, in an unlikely twist, the hacker decided to return some of the funds back to CoinDash. The first sum of 10,000 ETH was returned back to CoinDash in September 2017, while the cryptocurrency portfolio management company reported that the same hacker had returned 20,000 ETH last Friday.

On February 23, the date when the second tranche of stolen ETH was returned, it would have been worth $16.1 million.

The hacker, whose identity still has not been revealed, was under no obligation to return any of the funds, and no details about why he or she may have undertaken this inexplicable gratitude were forthcoming. The hacker still has about 13,500 ETH, which is worth about $11.7 million at time of writing.

CoinDash insists that it is proceeding with the rollout of its cryptocurrency trading platform, scheduled for February 27, 2018, despite any stolen funds. The product will automate integration of Ethereum-based wallets with cryptocurrency exchanges Bittrex, Binance, and Poloniex, which was recently acquired by another company for $400 million.

02 Mar 2018

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