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Projects getting investment through ICOs are attacked 100 times each month

Projects attracting investment by means of ICOs experience near 100 cyberattacks each month, as today’s report shows, pointing to the risks of financing virtual currency enterprises online.

The report came from Group-IB, cyber security company headquartered in Moscow, and it looked into 450 attempts to hack ICOs since the start of the previous year.

Attacks aiming to siphon off money from this kind of projects have multiplied by ten over the year. The company was also engaged in an Ernst & Young research of this week, which revealed that out of $3.7 bln received through ICOs by now, nearly $400 mln had been lost.

Meanwhile a cryptocurrency fundraising epidemic runs wild, when start-ups raise whopping sums of money online for their enterprises, having a team of just several people and a concise business plan.

The bulk of cyberattacks are carried out employing standard and time-tested techniques, which are equally successful for stealing virtual currencies, Group-IB’s Ruslan Yusufov said. Large numbers of projects pay insufficient attention to security risks, which brings to massive menaces and lost funds, he added.

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