After months of inactivity, the Fake_Coindash wallet sent the ICO another 20,000 ETH, in addition to the previously returned 10,000 coins.
The hacker who stole Ethereum from the CoinDash ICO last summer seems to suffer from either great remorse or generosity, as another 20,000 ETH worth more than $17 million were sent back from the Fake_CoinDash wallet. Previously, the hacker had returned 10,000 ETH.
In three transactions, the hacker has ensured that the CoinDash project is better-funded than ever. But the move may recall previous accusations that the diverting of funds was an inside job. The CoinDash theft was one of the most significant ICO scams, other than the DAO smart contract glitch that took away 3.1 million ETH.
20,000 ETH were sent from the Hacker address back to CoinDash, product launch stay on schedule. Our official statement can be found here: https://t.co/s9dWmWjt0G
— CoinDash.io (@coindashio) February 23, 2018
The news caused a brief price recovery in the CoinDash (CDT) market price, as the asset rose to $0.09 from recent lows. So far, the price of CoinDash has moved independently, despite the hacker holding back more than half of the intended ICO funding. In the summer of 2017, the hard cap for the CoinDash token sale was $12 million, which due to the growth of the ETH market price has turned into a much larger haul.
Trading on Binance is responsible for 70% of the CDS trading volume, and the asset was affected by the December pump that lifted all altcoins.
With the returned coins, the CoinDash team holds around 50,000 ETH in its coffers, and with the price of Ethereum at around $1,000, the round of funding would be more than enough to launch a beta product.
The CoinDash team has been scarce about communication, and its page only displays an upcoming product launch. CoinDash aims to create a social trading platform for crypto coins, by harnessing inputs from crowd wisdom. The project claims to have a working beta version of the exchange, which, however, seems very rudimentary. The feature to calculate a portfolio’s value does not even work – and even that feature is readily available as a minor detail on Etherscan.
Report: Hackers Divert up to 10% of ICO Funds
At the same time, post-ICO projects like Binance and KuCoin are already well-established among exchanges, almost displacing older hotspots like Poloniex. This brings further questions on the fate of CoinDash, now that it has no problems with funding and in fact holds a bit more than the intended 47,000 ETH.
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