Kickico, an ICO project in view of the Ethereum protocol, has conceded encountering a security breach in which the hackers accessed the account of the KICK smart contract. The company declared that its team has been advised about the hack by victims who detailed that they were not able to discover tokens worth $800,000 USD in their wallets.
As indicated by an investigation launched testing the hack, the aggregate sum of stolen funds is 70,000,000 KICK – equivalent to $7.7 million USD at the exchange rate at the time of the declaration. Kickico claims that it has just reestablished full control over the smart contract and guarantees to restore all stolen Kickcoins to their holders.
Giving more insights about the assault, the company clarifies that the hackers accessed the private key of the proprietor of the Kickcoin smart contract. They additionally endeavored to hide their activities by utilizing techniques utilized by the contract in integration with the Bancor network. Not long ago, the decentralized exchange was additionally breached, as news.Bitcoin.com detailed.