Back to the list

Experty ICO investors duped by hackers

30 January 2018 21:00, UTC

Just like in spy novels, sometimes the data collected only from one process participant can give access to the network of his colleagues. This has been proven once again by unknown hackers, who managed to breach access to the email they targeted and intercept a list of investors in the Experty ICO. The next steps were easy for this group.

The hackers sent an email asking for a sum of Ether from these investors they found on the list, and some of them decided to get a promised bonus and did what they told. To their dismay, they quickly found out the non-participation of the Experty management in this supposed bonus program.

Criminals have gained over $100,000 as a result of this fraud scheme. This is an interesting example of how the ICO, while itself not being a fraud, can become breached by external fraudsters.

This scheme is not unlike the one the bank hackers use when they send a phishing email posing as the official notice from the bank management. The countermeasures for ICO investors who fear something similar may happen to their investment target, this means, are quite similar to classic anti-phishing measures: always check back with the management in case of suspicious messages or activities.

As for Experty, they have decided to compensate losses for those who transferred funds to hackers.