CoinDash is mysteriously receiving its stolen ETH back

CoinDash ICO Hacker Mysteriously Keeps Returning Stolen ETH

Back in July, the cryptocurrency space took a hit. CoinDash’s hyped ICO was hacked, as someone tampered the company’s website and changed the official address to one he controlled. The hacker behind the attack is now mysteriously returning the funds, as blockchain data shows he sent CoinDash 20,000 ETH.

At the time of the hack, although CoinDash quickly started warning investors something was off, the hacker still managed to net roughly $9.2 million. The criminal then proceeded to cash out 488 Ethereum through Shapeshift and, mysteriously enough, sent 10,000 ETH back to CoinDash a mere 5 days later.

The hacker’s address has laid dormant since, until now. Yesterday, the hacker sent another 20,000 ETH to CoinDash. Taking into account that Ethereum is currently trading at $813, the hacker sent the company, in total, little under $25 million in Ether.

In response to the hacker’s move, the company revealed that it will still launch its product on February 27, as scheduled. Alon Muroch, the company’s CEO, stated:

“Similar to the hack itself, the hacker’s actions will not prevent us from the realizing our vision, CoinDash product launch will take place next week as originally intended”.

CoinDash further revealed that it notified the counter Cyber Terrorist Unit in Israel. Moreover, it will continue to monitor the hacker’s Ethereum address (Fake_CoinDash) in case any other suspicious activity helps find the criminal.

Was the CoinDash hack an inside job?

In July, various Redditors claimed the hack could have been an inside job. The hacker returning most of the funds it stole is certainly suspicious, and may fuel these claims. CoinDash now has roughly 40,000 ETH in its coffers, nearly what it initially set out to get in its ICO. Taking into account Ethereum’s current value, the team surpassed what it was after in the token sale.

The hacker’s moved helped CoinDash’s CDT token surge to $0.09 per token, up from $0.085. At the time of the hack, in response to the occurrence, the company reimbursed investors who sent the hacker Ether through a specific amount of CDT tokens.

CoinDash’s ICO is just one of many that saw investors lose money. As covered by Core Media, cryptocurrency startup LoopX vanished after raising $4.5 million in its ICO, in a move similar to one pulled of by Prodeum.