Taylor is a startup that develops mobile software for trading cryptocurrencies. The project was advertised as “easy-to-use application that will help you to get profit every day.”

But the reality has been different: during a cyber attack, which took place on may 22, were all stolen customer funds. About the startup said in his blog:

Our assets stolen. Not only the ether (2 578,98 ETH), but also tokens TAY from the pools Team and Bounty.

The amount of these assets at the time of publication, equivalent to about $1.5 million According to the team, the assets in the pools of the founders and consultants remained intact in connection with operating restrictions.

Team Taylor argues that to prevent such an attack has taken all security measures, but acknowledges that it may be neglected “some very important details.” The project representatives emphasize that the attack was well coordinated, but details have not been disclosed.

Also in his blog, the company writes:

We will probably not restore the stolen funds, but we have one of the most important assets, which can own company: a strong community. We do our best to cope with this incident and become even bigger and stronger, so your support is extremely important to Taylor. We assure that we will do everything in order to find a way to mitigate the consequences of this incident for every legitimate holder of the token.

Thus in his open letter to investors Taylor said that the company remains just $25,000, and is forced to revise plans for the team. According to Fabio Seixas, co-founder and CEO Taylor, the company may re-brand and launch an emergency sale of tokens for fundraising. He suggested that investments from business angels can save the project, but warned that it may take several months. Seixas says:

The purpose of both financing options is to attract funds, which would be sufficient to work small team for 12 months and payment of basic operating and infrastructure costs. This time should be sufficient to release the app to attract the first users to receive the income.

Of course, when cryptanalytic startup spends ICO, and then declares the theft of the funds raised, inevitably there are accusations of fraud. Team Taylor had to release a mobile app in the coming weeks, and is now engaged in selling extra tokens.