Cryptocurrency trading app Taylor has fallen victim to a hack, resulting in the loss of 2,578 ETH worth about $1.5 million as well as 7 percent of its total TAY token supply. In a Medium post, the startup confirmed that on May 22, its team \u201carrived at the office and found that we\u2019ve been hacked and all of our funds have been stolen.\u201d According to Taylor, the hackers siphoned funds from multiple sources in a single wallet, which they then transferred to a bigger one. Incidentally, this is the same wallet where CypheriumChain\u2019s funds ended up. CypheriumChain was another project that suffered a hack recently, losing 17,000 ETH worth an estimated $9.8 million. Taylor believed its hacker \u201cis the same person\/group that supposedly hacked CypheriumChain.\u201d At press time, the wallet where funds from both projects ended up has 48,440 ETH in it, worth more than $28 million. Meanwhile, the missing TAY tokens were tracked down to cryptocurrency exchange IDEX. According to Taylor, \u201cAfter that we noticed an attempt to dump the stolen tokens on IDEX, then we asked the IDEX team to delist TAY until we have a clear vision on the situation.\u201d The startup, which recently launched an initial coin offering (ICO) for the development of a cryptocurrency trading assistant, called the hack \u201ca dark day for Taylor.\u201d In a separate post, the Taylor team confirmed that the hackers managed to access one of their devices and got their hands on one of the 1Password files. The company will distribute a new token to reimburse its users, and is also considering a rebrand \u201cto help us leave behind this unfortunate episode.\u201d Users who have a balance at block number 5663273 will receive a new token, except for the hacker. According to the Taylor team, \u201cThe goal is to make sure the hacker does not receive the new token. We analyzed all transactions made by him, and we know exactly where the stolen tokens are.\u201d In an open letter, Taylor co-founder and CEO Fabio Seixas apologized for the incident and appealed for the community \u201cto join forces to help us overcome this situation.\u201d \u201cWe now have only about $25,000. To be honest, it doesn\u2019t even pay this month\u2019s bill. This incident forced us to stop, step back and think about the future,\u201d Seixas said.