It appears cryptocurrency startup BeeToken, which promised to disrupt the home sharing industry by putting its service on the blockchain, has been hacked. The attackers are actively targeting its initial coin offering (ICO) with phishing attacks and have already duped gullible investors for over $1 million worth of Ethereum. Ilia Kolochenko, CEO at High-Tech Bridge commented below.
Ilia Kolochenko, CEO at High-Tech Bridge:
“We will likely see a surge of old attacks reincarnated and leveraged to steal digital coins or tokens. Many blockchain startups and their customers/investors recklessly disregard cyber risks surrounding them.
“Some of them are so flagrant, that they just provoke the attackers who cannot resist a temptation to pick up a low-hanging fruit.
“Cybercriminals can easily sell their extraction virtually without any traces and risks. High profitability and almost a certain success of the attacks – pours oil on the flame.
“Worse, law enforcement agencies have a persistent lack of human and financial resources to investigate cybercrime, and won’t be able to help the victims. We shall expect a steady growth of cybersecurity incidents related to digital coins and ICO in 2018.”