On Monday, cryptocurrency trading startup CoinDash reported its site was hacked during an initial coin offering, according to reporting from Bloomberg's Alexandria Arnold.
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The hottest trend in cryptocurrencies was just dealt a big blow
$7 million in ether tokens were stolen.
Approximately $500 million has been raised by the new cryptocurrency-based fundraising method, according to Business Insider's Oscar Williams-Grut. It is a trend that has sparked excitement across Wall Street.
raised $12 million in just 10 minutes in April.raising $35 million in less than 30 seconds selling "Basic Attention Tokens" last month.
Wall Street skeptics were quick to cite the rapid appreciation of cryptocurrencies like bitcoin and ether tokens as one reason initial coin offerings are a bad concept. David Rutter, a Wall Street vet who heads R3CEV, a fintech startup, previously told Business Insider:
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"There’s approximately 200 coins now. If you had an analyst look at it, this is a typical kind of bubble, in that folks that have made money in bitcoin are trying to parlay that into other kinds of cryptocurrencies and now they’re moving out of those."
CoinDash, however, is resolute that it will overcome this hiccup.
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