Category Archives: Coindash

Hackers have glommed on to the frenzy around cryptocurrency, stealing large amounts of money as companies look to chase profits through initial coin offerings. Over 10 percent of worldwide ICO proceeds — more than $370 million so far — has been swiped, according to new research from UK accounting firm EY and the Russian cybersecurity firm Group-IB. The total works out to $1.5 million being stolen from ICOs per month. Initial coin offerings (ICO) are popular and infamously disorganized cryptocurrency crowdfunding events that have raised nearly $4 billion for startups. “The speed and size of the ICO market draw hackers’ attention,” researchers wrote. “Hackers are attracted by the rush, absence of a centralized authority blockchain transaction irreversibility and information chaos.” The perfect case study came in July 2017 when hackers took over the Israeli cryptocurrency trading site CoinDash just 13 minutes into the site’s ICO. The attackers breached CoinDash’s website and altered the investment address in order to steal $7 […]

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