KickCoin (KICK) is on one of its upward trends again just days after a hack wiped off $7.7 million worth of tokens. The asset, linked to an ecosystem of crowdfunding and community voting, has gradually increased its influence on exchanges, and this has reflected on the price action.
KICK ended up among the biggest winners this Tuesday after a rising streak over several days. It went as high as $0.13 and jumped by about 400 Satoshi during Asian trading hours, which represents significant growth over the past month.
Without new listings, KuCoin is the biggest source of KickCoin volumes, which have started to pick up in July. During the short downturn, KICK plunged as low as $0.03 before recovering to its current levels. In the past, the asset has seen significant volatility and was at one point seen as a scam, especially during the ICO, when faked pages fooled potential buyers. The other reason was that the KickCoin ICO ran simultaneously with the Kik ICO with the KIN digital asset, creating a minor confusion.
After the recent hack, the KickCoin team insisted that the funds of most users were safe and issued a refund. Besides taking control of the KickCoin smart contract and hijacking up to 10% of the coin’s supply, the hackers exploited the connection with the Bancor protocol to move their tokens.
However, the KickCoin project has taken control of the hackers’ funds - a move that may be seen as worrying by the crypto community. The tokens were burned by a centralized decision, and new tokens were issued. The KickCoin project has reserved this centralized form of governance and can issue tokens at will. Paradoxically, the price of the asset has moved upward.
The KickCoin ICO platform is also expanding slowly, with projects gathering from 500 to as much as 18,000 ETH. Participation in the platform requires a KICK payment to be included in the community voting and for a project to appear on the front page for fundraising. ETH is the asset of choice for ICOs and other forms of crowdfunding.
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