The creators of the Taylor cryptocurrency trading app claim that an unidentified hacker has stolen around $1.35 million worth of Ether from the company's wallets.
"All of our funds have been stolen," the dev team said. "Not only the balance in ETH (2,578.98 ETH), but also the TAY tokens from the Team and Bounty pools. The only tokens that were not stolen are the ones from the Founders’ and Advisors' pools, because there’s a vesting contract making them inaccessible for now."
The Taylor team believes the hacker is the same person/group who stole over 17,000 Ether ($9 million) from the CypheriumChain project back in March, as this is the same address to which both sets of stolen funds have ended up.
The funds stolen from the Taylor team come from the company's recently completed initial coin offering (ICO) round.
Besides the stolen Ether, the hacker also stole some of the TAY tokens the Taylor team had created for the ICO. Taylor devs did not reveal the amount of stolen TAY tokens, meaning the hack could be even bigger.
Soon after discovering the hack, the Taylor team says it also noticed an attempt to dump some of the stolen TAY tokens and exchange them for other cryptocurrencies.
Developers asked the IDEX platform, where these tokens can be traded, to delist TAY tokens for the time being, in an attempt to prevent the hacker from monetizing the entirety of the stolen funds. Unfortunately, this also means legitimate TAY token owners, the users who invested in the Taylor app ICO, can't trade their tokens either.
As with any major ICO hack, rumors quickly appeared claiming the hack is just another exit scam. The Taylor team was supposed to launch the Taylor mobile app into beta stage this month. Instead, following the hack, the Taylor team announced on Saturday, May 26, plans to stop working full-time on the app.
Image credits: Taylor app