Bee Token ICO participants lose $1 million to phishing scam, ZDNet
Updated: Despite Bee Token’s prayers to take heed of security warnings, many fell prey to fraudsters.
By Charlie Osborne for Zero Day | February Five, 2018 — 09:01 GMT (01:01 PST) | Topic: Security
Antsy would-be investors te the Bee Token Initial Coin Suggesting (ICO) have fallen prey to a ordinary phishing scheme te which scam artists managed to steal toughly $1 million ter cryptocurrency.
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Spil reported by Bleeping Pc, hundreds of investors fell for the scam overheen last week, ter which scammers targeted users with a phishing scheme.
The phishing emails sent pretended to be from Bee Token and urged investors interested te participating ter the ICO to send funds ter Ethereum to wallets under the scam artists’ control.
Bee Token’s ICO began on 31 January and ended on Two February after raising its 5000 ETH hard cap target ahead of schedule.
The “huis sharing economy” startup wants to build a decentralized Blockchain-based marketplace for hosts, guests, and mediators involved ter rentals and disputes.
Spil the ICO launched, Bee Token became aware that the scammers had begun phishing and quickly issued a set of security updates asking users not to send their Ethereum (ETH), the cryptocurrency of choice te the ICO, to any wallet address outside of the rock-hard’s official webstek and statements.
Three wallets have bot connected to the phishing scheme (1,Two,Three), which contained close to $1 million at the time the ICO ended. However, it is possible that more wallet addresses were used ter the phishing scheme and extra funds were stolen.
Bee Token said it wasgoed aware that some users had received fraudulent emails and said, “wij are taking this matter very earnestly and are actively reviewing the situation.”
“At this time, wij have no evidence that any of Bee Token’s systems were compromised ter this event,” the startup added. “Wij will update the community spil suitable once wij have extra information.”
Ter the meantime, some participants have vented their frustration at the operation of the ICO and the high lock price of the token ter comparison to pre-sale rates.
ICOs have become a potentially lucrative event not just for investors, but cyberattackers. Last month, Experty users keen to invest te the verhoging’s ICO were targeted ter a pre-ICO phishing campaign and were swindled out of harshly $150,000 ter Ethereum.
Spil information stolen from an Experty team member wasgoed used to target the investors, the company has suggested refunds te tokens, or potentially ETH, to victims.
Due to the risk of scams te relation to ICOs, Facebook has banned cryptocurrency and ICO advertisements.
According to Ernst &, Youthful, inbetween 2015 and 2018, threat actors were able to steal close to $400 million by attacking ICOs alone.
The most common attack vectors are the unauthorized access of private keys, the theft of funds from both wallets and exchanges, and a elementary switch of wallet address at the time of the ICO or ter “pre-ICO” phishing email scams.
Update 7.Two Ten.00GMT: Bee Token has exposed extra details on why interested investors were targeted.
“There wasgoed unauthorized access to one of Bee Token’s third-party vendors (which wij have since terminated usage). The gegevens that wasgoed potentially accessed includes email addresses, very first names, and last names only, and this impacted [less than] 1 procent of our email list.
Wij have no evidence that Bee Token itself wasgoed compromised by this event. Wij have not identified any malicious activity te our database, and also confirmed with Onfido that your KYC gegevens wasgoed not affected by this event.”