ICO Funded Projects Hit By Attackers 100 Times A Month, Study Says

In a recent study conducted by the Moscow-based cyber security firm Group-IB, it was revealed that ICO funded projects are hot targets for cyber criminals, and that on average these projects are enduring 100 cyber attacks a month.

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Group-IB analyzed attacks on 450 ICO projects since 2017. According to the published report, the frequency of the attempted attacks increased by a factor of ten over this period.

As quoted by Reuters, Group-IB’s director of public client services Ruslan Yusufov said: “Most attacks use traditional and well-proven techniques, which are also very effective for stealing Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.”

“Lots of projects underestimate cybersecurity risks, which Leads Leads Leads or lead generation are an essential component of marketing and powerful tool by brokers. In its simplest form, leads can be defined as the outreach of customer interest or enquiry into products or services, most often associated with brokerages.These can be created for purposes such as list building, e-newsletter list acquisition, or for sales leads. Amongst marketers, such lists are one of their most important assets and instrumental to sales.There are a variety of methods for generating Leads or lead generation are an essential component of marketing and powerful tool by brokers. In its simplest form, leads can be defined as the outreach of customer interest or enquiry into products or services, most often associated with brokerages.These can be created for purposes such as list building, e-newsletter list acquisition, or for sales leads. Amongst marketers, such lists are one of their most important assets and instrumental to sales.There are a variety of methods for generating Read this Term to an avalanche of threats and successful thefts,” he added.

Group IB also collaborated with Ernst & Young to conduct another study on the ICO market. According to this report, more than 10% of the $3.7 billion raised through ICO are either lost or stolen by hackers.

The studies also pointed out that most of the hackers use so-called phishing attacks, in which they spoof emails and websites as bait, and thus steal sensitive information like passwords. Many scammers also put up fake websites of an original project, tweaking sensitive details like wallet address. Thus, raised funds often end up on the scammer's account.

The timing of these reports is crucial as more and more ICOs are attracting investors who expect huge returns in a short period of time. Although ICOs have become a popular option for raising funds, ill-equipped teams often ignore the risk of cyber attacks.

The ICO market is so vulnerable that with the recent rumors regarding the Telegram ICO, a number of fake sites were set up to lure early investors into purchasing malicious coins. Finally, the company CEO officially announced that no website for fundraising has been opened yet.

Fraudsters have even faked entire ICOs - as in the Benebit multi-million dollar scam, for example.