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Initial coin offering projects are a magnet for cyber criminals

Initial coin offering projects are a magnet for cyber criminals
[Illustration: peshkov/iStock]

ICOs are being hit by attacks from cyber criminals 100 times a month on average, reports Reuters. Moscow-based cyber security firm Group-IB analyzed 450 attacks on ICOs in 2017 and found that attacks increased tenfold over the period. In total of the $3.7 billion raised by ICOs to date, $400 million of that has been stolen by cyber criminals. Among the most common attacks on ICOs are phishing attacks, where cyber criminals try to steal login credentials via spoofed emails and websites. Each month $1.5 million of ICO funds are being stolen via that method.

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