On This Day in Crypto: July 17, 2017, The CoinDash ICO Hack

On This Day in Crypto: July 17, 2017, The CoinDash ICO Hack

By Mirandah | On This Day in Crypto | 5 hours ago


Thirteen minutes. That's how long CoinDash's token sale stayed honest.

On July 17, 2017, the Israeli startup opened its ICO to the public, hoping to raise $12 million for its Ethereum trading platform. The moment the sale went live, a hacker quietly swapped the payment address on CoinDash's website for one they controlled. Investors kept clicking send, watching their Ether disappear into a stranger's wallet while thinking they were funding the project. CoinDash caught it and pulled the plug fast, tweeting a warning to stop sending funds, but the damage was already done before anyone understood what was happening.

By the time the dust settled, the CoinDash hack had drained roughly $7 million in Ether in under half an hour. Wildest part is CoinDash still honored every stolen contribution with tokens anyway, admirable or slightly insane depending on your mood that day.

ICOs mostly got regulated out of existence a few years later. CoinDash itself faded quietly.

That's today in crypto history, a brutal one. See you tomorrow.

How do you rate this article?

8


Mirandah
Mirandah

On this day...


On This Day in Crypto
On This Day in Crypto

Relive crypto's most iconic moments, one day at a time.

Publish0x

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.