Cryptocurrency Trading App Taylor Loses 2,500 ETH in $1.5M Hack

Cryptocurrency trading app Taylor suffered a catastrophic hack on May 22 that resulted in the loss of over 2,500 ETH, valued at $1.5 million.

The trading platform lost 7% of the total TAY token supply, potentially crippling the development of the trading software.

The Taylor project - founded to create a "Smart cryptocurrency trading assistant" that delivered small profits on an ongoing basis - ran an ICO from February 21 to March 22nd, making 6,535,424 TAY tokens available for purchase.

Through the hack, Taylor lost the majority of these collected funds.

The hacker collected 2,578.98 ETH from "Multiple sources in a single wallet" then transferred the tokens to another wallet, which still contains the stolen ETH. The Taylor team stated that it has contacted the IDEX team in order to delist the TAY token until clear resolution of the issue.

The team attributes the hack to the same individual or group responsible for the CypheriumChain hack that occurred in March, which resulted in the alleged loss of over 17,000 ETH.Hack Investigation Continues.

On May 23, the Taylor team published an update to provide some insight on the specifics of the hack.

According to the Taylor team, the hacker responsible for the loss of ETH "Somehow" gained access to one of the team's devices and took control of a 1Password file - the Taylor team was managing investor capital with a secure password managing app.

The Taylor team has engaged the service of "Security specialists" in order to "Track the activities" of the hacker and has informed law enforcement agencies.

In an attempt to recover the Taylor project from the major financial loss, the Taylor team revealed its plan to issue a new TAY token.