CoinDash ICO Hacked, Ethereum Price Plummets And Used GPUs Flood The Market

Ethereum is continuing its downward spiral from its June high, as was witnessed by a particularly nasty dip that occurred on Sunday. On Friday, we reported that ETH was hovering around the $184 mark, but it dipped below $150 on Sunday to just $137. ETH has recovered somewhat since yesterday, and is now at $169.

This Ethereum rollercoaster ride has had an effect on the PC hardware market as well. Over the past few months, we’ve witnessed supplies of graphics cards using for Ether mining dwindle while prices have skyrocketed. For those that were in possession of these cards — mainly AMD Radeon RX 4**/5** offerings — they were able to command well over retail price as eager miners looked to get in on the cryptocurrency gold rush.

However, the price crash along with a 20 percent increase in difficulty is making mining a lot less profitable. As a result, used AMD and NVIDIA GPUs are starting to flood the market. There has been a huge surge in used Radeon RX 470-based cards hitting eBay over the past week, however, prices are still well above the MSRP of $179. Even used cards are still commanding $220 to $300 depending on the model, although expect inventories to further increase (and prices fall) if ETH continues to slide.


It is also unclear what effect this will have on dedicated mining hardware that has recently been released by companies like ASUS and Biostar.

In other Ethereum news, we’re learning that blockchain startup CoinDash’s token sale page was hacked. More specifically, the legitimate address used by investors to send money was changed by the hackers to divert incoming funds. According to Etherscan, at least $7 million was stolen over the course of 2,100 transactions funneled through the fake address.

For its part, CoinDash issued the following statement:

This is an emergency message delivered to you in order to stop you from sending your money to an unauthorized ETH address. It seems like our Token Sale page was tampered and the sending address was changed. Please stop from sending your funds to any of the addresses until we say otherwise. We are currently examining the situation and will shortly send further instructions…

CoinDashers, soon we will get the site back and release our official announcement about what just happened. Everyone who participate, both with the right & fraud address will get his CDT. Pleases be patient as we are trying to make things clear

It seems like we’re in the Wild Wild West when it comes to cryptocurrency these days, especially with regards to Ethereum. Ethereum was poised to overtake Bitcoin in market cap when it was approaching $400 in what was being billed as “The Flippening”, however, the recent price erosion makes those chances look increasingly more slim.