A cryptocurrency trading assistant startup that recently completed an initial coin offering has been hacked, with around $1.35 million in Ethereum tokens stolen.

The hack targeted a company called Taylor that raised Ethereum in a recent ICO in return for 10 million “TAY” tokens that would be the core of a cryptocurrency trading platform.

That platform was pitched as a way for “people to earn small profits many times a day, every day,” sort of a take on day trading software but for cryptocurrencies. The platform is said to monitor major exchanges and performs technical analysis to find investment opportunities, signaling users to a potentially profitable trade and then automating the buy and sell process.

The hack, which occurred May 22, resulted in the loss of the entire amount raised in the ICO, 2,578.98 ETH ($1.345 million at today’s exchange rate) along with 7 percent of the issued TAY tokens.

Attributing the hack to a group that also targeted another ICO company called CypheriumChain earlier this month, Taylor claimed that “somehow the hacker got access to one of our devices and took control of one of our 1Password files.”

An investigation remains ongoing and authorities have been informed, but the company is considering issuing a new token and swapping the old one, given that the hacker stole TAY tokens as well as Ethereum. “The goal is to make sure the hacker does not receive the new token,” the company said. “We analyzed all transactions made by him, and we know exactly where the stolen tokens are.”

The news has not been well-received by some in the cryptocurrency community. Bleeping Computer reported that some are already asking whether the hacking story is nothing more than a front for an exit scam.

In an exit scam, a company raises cryptocurrency via an ICO and then runs off with the funds raised, usually simply disappearing but other times covering its tracks with false allegations of funds being stolen. Recent examples include LoopX, Giza and Confido.

Image: Taylor