$300 million stolen through ICO in 2017 – Kaspersky Lab

$300 million stolen through ICO in 2017

In 2017 alone,  over $3.5billion  has been raised through ICO (Initial Coin Offering) of which $300 million was stolen by hackers and number of victim exceeding 60,000 as reports by  Kaspersky Lab.

Hackers Interest in ICO is mainly due to high amount participants invest. The average investor invests about $ 5,000 in the ICO. “For this year we have registered more than two thousand hacker attacks on the ongoing ICO. This is the most massive way to steal money through the ICO, “said Alexander Gostev, chief antivirus expert at Kaspersky Lab.

Outlined hackers method of stealing funds are Phishing sites, spam email and theft of money by the organizers. Many of which have great goals, but haven’t received the ICO fund, they can’t resist stealing investors fund. Good example of such is Confido ICO which disappeared after raising over $374,000

In 2018, Kaspersky Lab expert expects attacks on cryptocurrencies will continue while the number of attacks will progress and advance into applications, games and platforms based on blockchain technology.

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