July 24th, 2017 By Catalin Cimpanu
Veritaseum has confirmed today that a hacker stole $8.4 million from the platform’s ICO on Sunday, July 23. This is the second ICO hack in the last week and the fourth hack of an Ethereum platform this month.
An ICO (Initial Coin Offering) is similar to a classic IPO (Initial Public Offering), but instead of stocks in a company, buyers get tokens in an online platform. Users can keep tokens until the issuing company decides to buy them back, or they can sell the tokens to other users for Ethereum.
Veritaseum was holding its ICO over the weekend, allowing users to buy VERI tokens for a product the company was preparing to launch in the realm of financial services.
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