Home / / ICO funded projects attacked 100 times a month by cybercriminals; report says

ICO funded projects attacked 100 times a month by cybercriminals; report says

Moscow-based cyber security firm Group-IB analysed cyber attacks on initial coin offerings funded projects

ICO funded projects attacked 100 times a month by cybercriminals; report says
Cryptocurrencies are becoming a hot topic.

Cyber-security specialists Group-IB has discovered that projects funded through initial coin offerings (ICO) are attacked by cybercriminals each month.

The report revealed that such projects are attacked on an average of 100 times a month, with findings based on 450 attacks ICOs since last year which then increased tenfold over the period.

With cryptocurrencies becoming a hot topic, many regulators and invests are sceptical about investing in these types of ventures, due to fraudulent activity and phishing attacks. Group-IB also participated in a report by Ernst & Young which revealed that almost $400m of the $3.7bn raised has been stolen.

Cybercriminals are capable of stealing passwords and personal credentials, as well as modify ICO project websites tricking investors to send their money to the wrong stored place.

Ruslan Yusufov, director of private client services at Group-IB, said: "Most attacks use traditional and well-proven techniques, which are also very effective for stealing cryptocurrencies. Lots of projects underestimate cybersecurity risks, which leads to an avalanche of threats and successful thefts," he concluded.

Source: Reuters  

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