Bitcoin Global News (BGN)
July 30, 2018 -- ADVFN Crypto NewsWire -- Contrary to the
informal industry standard of rarely offering true compensation in
the face of Crypto hacks, one particular Blockchain project is
taking full responsibility for a massive hack of the wallet that
held the majority of its Crypto tokens.
A Blockchain firm
called KickICO was hacked to the tune of 70
million of its native tokens after its major wallet’s private key
was reportedly compromised. In addition to this, certain users’
wallets were also compromised, according to a blog post by
the company on the subject.
The CEO of the firm, Anti
Danilevski, was quoted in the same blog post as saying that the
firm did not know about the hack until users complained that they
could not find around $800,000 worth of KICK tokens.
Strangely enough, to run the hack
successfully, the hackers seemingly used Bancor including a good
knowledge of how the Kick token(KICK) smart contract was
connected with Bancor, to destroy tokens
at 40 specific wallet addresses and then re-create them at 40 new
addresses.
Contrary to this claim by KickICO,
however, Bancor released a
statement to the effect that the blame for the faulty
nature of KickCoin’s wallet’s private key lies solely with
KickCoin.
Even, so, Danilevski stood firm on
the notion that KickICO will refund all of the lost tokens to its
users over time, in good faith.
Whether or not this means that they
will actually follow through on this promise remains to be
seen.
Furthermore, since such a pattern
of accountability has not yet been established in the space yet
beyond outliers like Binance, this is no direct indication that
others will do the same.
However everything turns out, it
could definitely be concluded that a good chance exists for change
coming in some form. Specifically, all of this bodes well for the
space in that it might encourage the industry as a whole to adopt
standards for network wide refunds in the face of hacks that were
clearly the fault of the creators, but not of the users.
By: BGN Editorial Staff
News:
ICO
Cryptocurrencies