amid the massive hype and speculation around Initial Coin Offerings (ICOs), $8 million (£6.1 million) was stolen from would-be investors in one startup. For the uninitiated, ICOs are a fancy new way of fundraising enabled by digital currencies like Ethereum
— participants invest money and receive digital "tokens" in return. It's largely unregulated, and some observers believe the market is in a massive bubble — with some ICO crowdfunding events raising hundreds of millions of dollars.
In the case of Coindash, its ICO was rapid — and disastrous.
Motherboard reports that just minutes after it began
, the company was forced to warn investors that their funds had been stolen due to a hack.