20,000 Ethereum returned by hacker
Crypto startup company, CoinDash, had 37,000 Ethereum stolen by a hacker during their ICO last year.
Now, Coindash has just announced that 20k ETH has been returned from a wallet address associated with the hacker.
CoinDash is a “crypto-based social trading platform designed to help you create and maintain a winning portfolio of cryptocurrencies,” according to their website.
It’s designed to help you manage your crypto portfolio in a simple format while having the ability to copy other traders’ activities.
This latest transaction is the second instance in which the hacker has returned stolen funds to Coindash.
Coindash announced on February 23rd that 20,000 ETH had been transferred to the company’s wallet at 12:01:41 AM +UTC.
The funds were stolen last year when the hacker altered the wallet address on the CoinDash website.
This simple hack allowed them to siphon off 37,000 Ethereum from ICO contributors.
At the time of the hack, the stolen ETH was valued at around $10 million.
With the rise in the value of Ethereum since then, the returned 20k ETH is now valued at around $17 million.
Change of heart
The return of 20,000 ETH is the second time the hacker has had a change of heart.
In September last year, 10,000 ETH tokens were sent to one of Coindash’s Ethereum wallets.
During that time, the 10k Ethereum equated to around $3 million.
When the Coindash hack took place, it was described as a “damaging event to both our contributors and our company.”
Now, it appears to have given the startup a massive boost in dollar value due to the rising price of Ethereum since the attack.
The combined value of the returned 30,000 ETH, when each amount was recovered, equates to approximately $20 million.
This equates to double the fiat-value of the Ethereum at the time of the hack.
Countdown to launch
At the time of press, CoinDash has less than 24 hours to the launch of their product.
Alon Muroch, CEO of Coindash, issued a statement regarding the news, saying:
“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.”
“The Counter Cyber Terrorist Unit in Israel” has been notified regarding the transaction, according to CoinDash’s blog.
The company also made it clear that the hack won’t be quickly forgotten, adding:
“The hacker’s Ethereum address will continue to be tracked and monitored for any suspicious activity.”