Author Topic: Hackers have stolen $400 million worth of ICO investments  (Read 150 times)

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Hackers have stolen $400 million worth of ICO investments
« on: January 22, 2018, 08:11:29 PM »
Government watchdogs have been warning investors about initial coin offerings (ICOs)—a digital gold rush that some enterprises around the world have used to raise about $3.7 billion. It may have been wise to listen to the advice: More than 10%, or roughly $400 million of that amount, has been stolen in hacker attacks, according to consulting firm EY.

The speed and size of the transactions is part of what attracts hackers (phishing is the most common technique): Investors have poured $300,000 per second into some ICOs. The world’s largest economy is also the ICO leader, with $1 billion raised so far. Russia and China (mainland ICOs combined with those that are Hong Kong based) are close in line, having raised more than $300 million each, according to EY.



For a while it seemed like the amount of money available for ICOs was almost unlimited. An ICO called Tezos raised $232 million; another called “Useless Ethereum Token” raised more than $40,000 in less than three days. Still, there are signs the boom has cooled slightly: About 25% of projects met their fundraising target in November, compared with 90% in June, EY says.

For a while it seemed like the amount of money available for ICOs was almost unlimited. An ICO called Tezos raised $232 million; another called “Useless Ethereum Token” raised more than $40,000 in less than three days. Still, there are signs the boom has cooled slightly: About 25% of projects met their fundraising target in November, compared with 90% in June, EY says.


Source:
https://qz.com/1185647/hackers-have-stolen-400-million-of-initial-coin-offerings-ico-investments-ey-says/