Taylor Ethereum Hack
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It appears to be a simple case of Ethereum stored insecurely, and breached by a hacker. The application appears to have launched successfully, with the company issuing a new token to replace the old one. Final words from the founder - "This episode will make us stronger." The project appears to still be running at this time.
This exchange or platform is based in Brazil, or the incident targeted people primarily in Brazil.[1][2][3][4][5][6][7][8]
About Taylor
“The makers of a cryptocurrency trading app called Taylor were raided by hackers to the tune of $1.5 million worth of ETH. The incident occurred shortly after Taylor’s ICO began. Hackers made away with all of the funds that the group had raised. Following the heist, the thieves tried to sell the TAY tokens they had stolen on IDEX. To prevent the thieves from cashing out, Taylor’s developers asked IDEX to temporarily delist TAY.”
This exchange or platform is based in Brazil, or the incident targeted people primarily in Brazil.
The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.
Include:
- Known history of when and how the service was started.
- What problems does the company or service claim to solve?
- What marketing materials were used by the firm or business?
- Audits performed, and excerpts that may have been included.
- Business registration documents shown (fake or legitimate).
- How were people recruited to participate?
- Public warnings and announcements prior to the event.
Don't Include:
- Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
- Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.
The Reality
This sections is included if a case involved deception or information that was unknown at the time. Examples include:
- When the service was actually started (if different than the "official story").
- Who actually ran a service and their own personal history.
- How the service was structured behind the scenes. (For example, there was no "trading bot".)
- Details of what audits reported and how vulnerabilities were missed during auditing.
What Happened
The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.
| Date | Event | Description |
|---|---|---|
| May 1st, 2018 12:01:00 AM MDT | Main Event | Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here. |
Total Amount Lost
The total amount lost has been estimated at $1,500,000 USD.
How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?
Immediate Reactions
How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?
Ultimate Outcome
What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?
Total Amount Recovered
There do not appear to have been any funds recovered in this case.
What funds were recovered? What funds were reimbursed for those affected users?
Ongoing Developments
What parts of this case are still remaining to be concluded?
General Prevention Policies
Coming soon.
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ Taylor Phoenix: Rising from the ashes (Feb 7, 2020)
- ↑ $1.5 Million: Crypto Trading Platform Taylor Suffers 2,500 ETH Hack (Feb 7, 2020)
- ↑ Cryptocurrency trading app Taylor says all funds have been stolen in cyberattack | ZDNet (Feb 8, 2020)
- ↑ An open letter on Taylor’s current situation (Feb 8, 2020)
- ↑ 100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents (Jan 25, 2020)
- ↑ Q3 2018 Cryptocurrency Anti-Money Laundering Report - CipherTrace (Feb 15, 2020)
- ↑ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com (Mar 5, 2020)
- ↑ SlowMist Hacked - SlowMist Zone (Jun 26, 2021)