Crowd Machine ($CMCT) flash appeared on Sept. 22nd after having a what seems to be considered a hack CMCT reservations. This led a great deal of CMCT being chucked onto the open store. Most trades ceased CMCT trading at the next hours, but a few haven’t. Meanwhile, the Crowd Machine shot his time reacting to this problem openly, but has after all put a people opinion (in addition they offered an essential upgrade ).
NOTE: On surface Crowd Machine was fairly trendy and communicative. But time is going to soon be the indicator of how they tackle this circumstance, actions speak louder than words since the saying goes.
It really is hard for me to state precisely what’s happening, however by everything I could emphasise collectively it appears a hacker got ahold of a pocket featuring 1.1 billion in CMCT bookings and subsequently jumped to flooding the open store together with those tokens.
Sadly, that resulted in a flash accident and consequent in CMCT falling underneath $0.001 pennies (consider, its own ICO cost was 0.09 pennies ).
While, trading has been suspended at $0.005 pennies on many trades (as an instance on the foreign exchange UpBit, Bittrex, and also iDEX), some different exchanges for example HitBTC failed to pause trading and also the cost continued to trickle into $0.0025 pennies by writing this.
With this covered, though many individuals got the dent of a life by setting limitation orders to the exact bottom (just like the guy who bought 10 percent of their distribution of CMCT for half of an Ether), although people that bought CMCT inexpensive or people who are purchasing today are potentially having a probability.
In summary, the chance is that for an assortment of reasons CMCT tokens which you can get now might well not function as exactly the CMCT tokens into their future. Crowd Machine can establish a totally new arrangement such as (probably off-the-shelf existing components from before the hack, however, perhaps not tokens accessed following the hack).
UPDATE: Crowd Machine said it’d honor the buy of stolen components, but cautioned never to go on purchasing. It might possibly be that just stolen tokens purchased earlier confirmed date will be rewarded. There’s no way to understand, trade CMCT in your risk before official word has gone outside.
This, in a nutshell, is really a huge bunch.
It is now uncertain the way programmers and sellers will manage this particular issue, however using some thing similar to that there’s obviously a prospect of the programmers rolling back things somehow. I would like ‘t want to speculate myself, but this article does a good job of explaining what could happen:CMCT Hack Identified. Here’s what’s in store for CMCT moving forward(check out the excerpt underneath from that Reddit post).
The link is to Etherscan where you can clearly see movement from the tokens so if nothing else, confirmed from that alone. (https://etherscan.io/address/0x290d615eE921706ec8cCB2593F09B2D2e0F8B67c#tokentxns)
As you can see with a bit of tracking:
80 million CMCT tokens sent to Bittrex
540 million CMCT tokens sent to IDEX
447 mil CMCT in 0x13c730d6d37fcbb49f255867dc862049812a3fbe
Misc change sprinkled throughout
I’ve dealt with this before so speaking from my personal experience with other companies who suffered major hacks, please allow me to before all else calm you and let you know that everythingshouldbe fine, just not tomorrow, or the next day.
Thisis not(or should not be) the end of Crowd Machine butit is very likelythe end of the contract/token CMCT.
The team has very few options available to them at this point and a token swap is a very likely inevitability of this situation.
The past two hacks I’ve suffered through were relatively simple to fix but took 45 days to resolve overall due to the painful nature of the verification process required for a token swap.
An announcement is likely forthcoming regarding the suspension of trading and a subsequent token swap. Any new tokens purchased medially now and that pointwill likely not be honoredso be cautious acquiring new tokens right now, no matter how cheap it may be.
I’ll update this page as I know more.
UPDATE: Crowd Machine responded to the cost drop and potential hack after this article was published. According to them they found the hacker’s address and are in the middle of working with authorities. See:Crowd Machine responds to CMCT cost drop. Interestingly, you can see by looking at the alleged wallet address of the hacker (0x290d615eE921706ec8cCB2593F09B2D2e0F8B67c; click link to see wallet activity on EtherScan). By looking at the wallet address you can pretty clearly see action that matches up with the story, although there is non way to prove that this was a hack from simply looking at this data.
Here is an excerpt from Crowd Machine’s post cited above:
Because this matter is currently under criminal investigation we unable to make any further comments at this time. We will post further updates as soon as we can.
If you believe that you hold solid information which may assist the investigation–please email us [email protected] it can be passed on to the authorities.