KICKICO, an initial Coin Offering (ICO) project, last week Thursday, July 26th suffered a breach which resulted in the hackers carting away over 70 million KickCoins which is worth about $7.7 million.
The ICO allows users conduct ICOs, pre-ICOs, crowdfunding and crowdinvesting campaigns.
"KICKICO has experienced a security breach, which resulted in the attackers gaining access to the account of the KICK smart contract - tokens of the KICKICO platform. The team learned about this incident after the complaints of several victims, who did not find tokens worth 800 thousand dollar in their wallets," KICKICO said in a blog post.
The hackers are said to have breached the platform's security after obtaining the private keys of KickCoin's smart contract and gained access to KICKICO blockchain's smart contract.
According to KICKICO, the attack on their platform was well planned. The company explained that the hackers got their hands on the smart contract of KickCoin and destroyed about 40 token addresses and then created tokens at the other 40 addresses with the exact amount.
The KICKICO team were, however, quick to respond and block the attack. The company regained control of the tokens and replaced the hacked private keys with cold storage keys, and will be reimbursing the 40 addresses that were affected.
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