In the world of cryptocurrency, trading Bitcoin and altcoins has become incredibly popular. A lot of people rely on third-party solutions and applications for this purpose. In the case of the Taylor platform, it seems that trust was a bit misplaced. The platform has suffered a massive hack, and all of the company’s wallets have been cleaned out.
The Taylor Situation is Incredibly Worrisome
Whenever a cryptocurrency company or service provider gains any sort of popularity, it becomes a target for hackers and other criminals. This has been the case for many exchanges and trading service providers, and it seems the number of attacks will not be slowing down. In the case of the Taylor platform, things have gotten out of hand pretty quickly.
For those not familiar with Taylor, the platform is a smart trading assistant which revolves around cryptocurrency. It quickly gained traction among novice cryptocurrency enthusiasts, mainly because it makes the trading of various currencies relatively easy. Unfortunately, it seems the company has faced a massive setback due to lackluster security precautions.
The Taylor platform has been hacked and all of the funds associated with the application have been stolen in the process. This means the company lost over 2,578 Ether, but also all of the TAY tokens from the team and bounty pools. That is not a positive development by any means, as it goes to show that third-party platforms and service providers will need to beef up their security pretty quickly.
Surprisingly, some funds were left untouched. As of right now, the founder’s and advisors’ pools remain unaffected because these tokens were locked in a vesting contract. Everything else was seemingly accessible to the hackers, although exact details remain unclear for the time being. In the company’s blog post, they seem to hint at who the responsible party may be.
More specifically, the company thinks it is the same group responsible for the CypheriumChain hack. During that incident, over 17,000 ETH were stolen, and the money has yet to be recovered. To counter the possibility of the stolen tokens being dumped on the market, the Taylor team has asked the IDEX team to delist TAY for the time being. EtherDelta is still trading the token, although a delisting seems imminent.
It remains a bit unclear how the Taylor team is prepared to deal with this situation. The hack has certainly put a strain on things, although it remains unclear if the company can recover the stolen funds, Even so, it seems the company wants to make its trading solution succeed in the long run, though it remains unclear whether they can successfully do so. Either way, this is yet another hack which casts a negative light on the cryptocurrency industry.