An actor managed to hack the CoinDash official website during the company’s ICO (Initial Coin Offering) and diverted over $7 million worth of Ethereum by replacing the official wallet address with their own.
The incident took place on Monday, just minutes after the company launched its ICO in an attempt to raise funds in the form of Ethereum crypto-currency. Similar to an (IPO) Initial Public Offering, an ICO happens when a company is looking to gather funds and issue tokens in return.
According to CoinDash, the hacker managed to take over the official website only three minutes after the ICO started. They replaced the official Ethereum wallet address with their own, which resulted in people sending over $7 million to the fradulent address.