It only took hackers 3 minutes to steal $7 million worth of Ether

All it took was three minutes. 

Shortly after going live, CoinDash’s July 17 Initial Coin Offering (ICO) was in serious trouble. The company, which allows for the trading of the popular cryptocurrency Ether (the “money unit” of the Ethereum platform), was all set for a big fundraising round with investors given the chance to invest in CoinDash with Ether. It’s a well-established practice similar to an IPO: Buy into a company now in exchange for tokens, which are in some sense analogous to stock, and hope to reap the rewards later. 

It didn’t exactly work out as planned. 

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