Phishing Websites Helped Hackers Stealing $115 Million from ICO Projects
Phishing remains the most popular tool for cyber criminals aiming at financial assets of ICO projects raised by primary offerings (ICO). The high pick of phishing attacks was recorded in the second quarter of 2016 up to the first quarter of 2017, according to Group-IB, about $115 million was stolen during this period using phishing sites. In general, phishing accounts for approximately 56% of all stolen ICO funds. Experts say that monthly income of an average phishing group is up to $1 million.
Major cryptocurrency stealing with the use of phishing took place in 2015 when hackers withdrawn over 19 thousand of Bitcoins from Bitsamp exchange (equals $5 million at that time).
According to the Etherscamdb.info aggregator, at the beginning of 2018 there were 2,581 phishing sites in the network, 2,214 of which were malicious copies of MyEtherWallet (MEW), one of the world’s most popular Ethereum service.
Only in 2018, MEW has already experienced two serious cyberattacks. Due to growing security concerns, the project team announced the launch of a mobile application MEW Connect to improve the safety of users accounts. While its beta version is being tested, a full-scale launch is scheduled for the end of September.