KickICO To Return 70 Million KickCoins Amid Security Breach

News | July 27, 2018 By:

Blockchain fundraising platform KickICO has experienced a security breach that allowed hackers to get access to the account of the KickCoin smart contract – the KickICO tokens.

The company said the security breach took place on July 26 at 09:04 UTC. The KickICO team learned about this incident after several people complained that they did not find tokens worth $800,000 in their wallets. During the investigation, the team found out that the total amount of stolen funds was 70,000,000 KickCoin, which at the current exchange rate it is equivalent to $7.7 million.

“The hackers gained access to the private key of the owner of the KickCoin smart contract,” the company said. “In order to hide the results of their activities, they employed methods used by the KickCoin smart contract in integration with the Bancor network: hackers destroyed tokens at approximately 40 addresses and created tokens at the other 40 addresses in the corresponding amount. In result, the total number of tokens in the network has not changed.”

The team has reportedly regained control over the smart contract, and guaranteed that all stolen funds will be returned to affected wallets.

“The project team asks all those whose tokens have been stolen to email report@kickico.com for the return of funds to wallets,” the company said. “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 provides everyone with an opportunity to buy tokens of new groundbreaking projects in their early stages. The KickICO community totals over 55,000 people, and the KickCoin is traded on ten major crypto exchanges. The platform has helped launching more than 20 projects resulting in successful initial coin offerings (ICO) with 250,000 ETH in total funds raised, including Micromoney, Hacken, Universa, Playkey, INS and others.