ICO is Hackers’ Primary Target
January 31, 2018
ICO today is the key component of cryptocurrency world. Most companies implement their ideas with Blockchain and use ICO to invite huge investments. After Bitcoin and Ethereum price boom investors started putting up funds in ICO more intensively. No wonder, investments increase excites interest among criminals as well.
Over the last two years about 10% of all funds invested have been lost or stolen. Total sum of all hacks amounts to about $400 mln. Сумма всех хищений хакерами составляет примерно 400 миллионов долларов.
Trying to attract more investors companies resort to Blockchain services without initiating security measures that would protect them and investors who buy tokens.
During the period from 2015 to 2017 372 ICO have collected over 3.7 bln dollars.
“Hackers are attracted by the rush, absence of a centralized authority, Blockchain transaction irreversibility and information chaos. Project founders focus on attracting investors and security is often not prioritized. Hackers successfully take advantage— the more hyped and large-scale the ICO, the more attractive it is for attacks”, as Ernst&Young reports.