The startup Taylor team woke up and discovered that a malicious actor had cleaned up Taylor.
Theft is a nightmare for startups and a constant problem in the cryptocurrency industry, information security experts said. Taylor is a startup that through the design and launch of a commercial application, wants to be the connection between cryptocurrency exchanges and mobile technology.
The team managed to develop the intelligent cryptocurrency exchange assistant Taylor, which presumes to be an easy-to-use application that will help you get benefits every day.
But not all is good news; the project has been ruined by an attack that has completely drained the start of the cryptocurrency store.
The attack took place on Tuesday of last week. In a blog post, Taylor’s team said that “all our funds have been stolen, not only the ETH (2,578.98 ETH) but also the TAY tokens.” This is approximately $ 1.5 million dollars.
The team also said that some funds were not stolen, since these were in groups of Founders and Advisors, so they are subject to a contract of acquisition of rights.
Now, information security professionals are conducting an investigation, but the team says that the malicious actor behind this attack may be connected to the cyber attack that affected CypheriumChain.
The company said that I implemented security measures to avoid attacks like this, but it seems that they failed, although we know good practices, we may have neglected important details.
Taylor commented that the incident appears to be an advanced and coordinated attack, but did not disclose details.
The TAY token market has been closed in IDEX. Taylor’s team, after witnessing an attempt to dump a stolen IDEX fund, made the exclusion request.
“We do not recover the stolen funds, but we still have the most important assets a company can have: a solid community,” says Taylor. “We are doing everything possible to overcome this incident and grow even bigger and stronger … We will spare no effort to find a way to mitigate the implications of this incident for each legitimate token holder.”
In a letter sent to supporters of the startup, Taylor said the company had only $ 25,000 left, forcing the company to reconsider its future.
A change of brand may be at stake, as well as an “emergency” token sale to raise funds, said Fabio Seixas, co-founder and CEO of Taylor.
Seixas suggested that a cash injection from investors could save the project, but this could take months.
“The objective of the financing options is to rise only enough to have a small team to work for 12 months, paying basic costs of operation and infrastructure,” he added. “This period should be enough to launch the application, acquire users, start to gain traction and generate revenue.”
In the latest launches of cryptocurrency or blockchain startups or Initial Currency Offer (ICO) there has been a cyber attack, there is skepticism as many end up stealing funds from investors and making exit scams.
Taylor intended to launch his mobile application in the coming weeks, now he is requesting his participation in an emergency token sale.
As with any startup project or new face in the cryptocurrency industry, operators must ensure that they perform the proper research before investing, say information security experts.
Working as a cyber security solutions architect, Alisa focuses on bug bounty and network security. Before joining us she held a cyber security researcher positions within a variety of cyber security start-ups. She also experience in different industry domains like finance, healthcare and consumer products.