A recent cryptocurrency project that had become victim to a cyberattack is KickICO – which is an initial coin offering (ICO) support platform.
KICK’s security breach occurred when the attackers managed to attain access to the account of the KickCoin (KICK) token smart contract on the KICKICO platform. The attackers gained control of the project’s smart contract through a private key thereby permitting them to siphon coins from the user’s wallet. The attackers stole around 70 million KickCoin (KICK) having a market value of about $7.7 million.
Having gained full access to KICK’s smart contract, the hackers replaced 40 different addresses with new fake addresses containing the same amount of KICK tokens. Then they transferred the tokens in the different accounts and later destroyed the addresses to not leave any trace.
The hackers did not alter the total supply of KICK tokens in circulation because this might let them noticed.
The affected victims raised complaints after which the KICK team came to know about the breach. There was a victim whose tokens worth 800 thousand dollars in their wallets was found missing.
On getting the complaints, the KickICO team gained access to its smart contract by replacing the compromised private key with the private key in its cold wallet, to protect the network and remaining user funds.
KICKICO promised to refund the stolen token for hacked accounts
Surprisingly the KickCoin (KICK) has reacted positively to the news of the hack that saw the platform lose 70 million KICK tokens. The attack affected 40 accounts, and the company has promised that the 40 accounts would be recreated, and the users KickCoins will be fully refunded.
In order to get a refund, the team has advised that users who lost funds in the attack must send an email to the project team.
KickCoin has remained in the green for the last 48 hours, and has accumulated gains of more than 5% in the process.
Technical Writer, Blogger,