Taylor, a startup cryptocurrency trading app has been subjected to a large-scale cyber attack resulting in the loss of a large number of cryptocurrencies.
In a blog post on Medium last week, Taylor referred to the event as 'a dark day' for the app, and described how events unfolded:
"Today we arrived at the office and found out that we’ve been hacked and all of our funds have been stolen. Not only the balance in ETH (2,578.98 ETH), but also the TAY tokens from the Team and Bounty pools. The only tokens that were not stolen are the ones from the Founders’ and Advisors’ pools because there’s a vesting contract making them inaccessible for now."
Overall, total losses equate to $1.5 million worth of cryptocurrencies stolen. With an investigation ongoing as to who is responsible for the attack, members of staff believe that it may be linked to a similar attack that took place against CypheriumChain.
The company remains confident that its development will not be stalled by recent events:
"We reassure that we will spare no efforts to find a way to mitigate the implications of this incident for every single legit token holder. We are not going anywhere!"
Days later, in a follow-up Medium blog post to Taylor's financial and community supporters, Fabio Seixas, CEO of the company stated that their funds had been drastically slashed to only $25,000.
Slowing down the company's timetable significantly, it has compelled them to weigh new funding options such as additional venture capital, or emergency token fundraising - with, Seixas stated that a token fundraising was the only fast and viable means of securing funding.
"The goal for both funding options is to raise only enough to have a small and lean team to work for 12 months, paying for the basic operational and infrastructure costs. This timeframe should be enough to release the app, acquire the first users, start gaining some traction and generating revenue."
Cyber attacks against cryptocurrencies have increased dramatically over the years. Last week, Bitcoin Gold was the subject of a 51% attack, leading to a loss of over $17.5 million.