As the rate of cryptocurrency related cybercrime steadily increases, the latest victim has emerged to be KickICO which faced a theft of over 70 million KICK tokens, equating to USD $7.7 as per the conversion rate when the theft occurred on the 26th of July. The theft was discovered as users came forward reporting and complaining that KICK tokens were disappearing from their wallets. One particular user reported that he lost USD$800,000 worth of KICK tokens as he took this up with the executives at KickICO. Since then, the security specialists at KickICO have investigated the theft and announced that they will return all missing tokens to their respective owners as soon as possible.
KickICO is a crowdfunding platform with a vision of unity and cooperation under the umbrella of its standard KickCoin cryptocurrency. The blockchain fundraising platform allows creative developers to find the funding that they need with smart contracts, marketing outreach, and management expertise from the firm’s 20 fundraising experts. Investors are guided towards the most likely to succeed or most worth investing in projects from the firm’s panel of economist and analyst advisers as well. The KickCoin is created to facilitate such financial transfers with ease without the limitations of the economies of the local project countries and the need for KickICO to be established on ground there.
As KickICO’s security team delved into the specifics of the attack that stole 70 million KICK tokens, they discovered that an attacker managed to obtain the private key of the KickICO platform. This is the key that the developers running the platform used to manage the KICK token smart contract. Once the attacker stole this key, he manipulated the smart contract’s behavior, allowing himself to steal KickCOINS from 40 wallet addresses and reproduce their value in 40 wallets of his own. As the KICK tokens have identifying numbers on the system, they were traced as such by the security team and now users have been told that their tokens will be returned to them as soon as possible. The private key has since been replaced and KickICO has regained charge of their platform. They’ve asked that if any users have lost their KICK tokens, they should come forward and reach out to the platform’s team.