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Huge amount stolen by hacker through cryptocurrency initial coin offering


Huge amount of money stolen by is about $150,000. This was achieved by tricking people to participate in a cryptocurrency Initial Coin Offering (ICO) pre-sale. The hacker usually guide the payments to a fraudulent wallet address.

The attacker targeted ICO. ICO is a token sale, designed to raise funds for a "voice and video application similar to Skype" it could also take secure payments through the blockchain.

Victims are users who had signed up for information regarding the ICO sale of Experty. The victims were sent an email regarding pre-ICO sale announcement of Experty (EXY) tokens.

EXY is portrayed as an upcoming blockchain-based application that can be used as a cryptocurrency on a global scale. The target victims were asked to send money to an Ethereum (a type of cryptocurrency) wallet to enable them to buy "EXY" tokens so that they can be part of the ICO.

The email is not from the Experty ICO as the maiden date for the launch is on 31 of January. The report claimed that the email was sent by a hacker. It can also be easily identify as a fake mail due to spelling and grammatical errors.

Users fall victim as a total of about 74 Ethereum was transferred to the attacker Wallet which worth about $150,000.

Hackers have been targeting cryptocurrency due to it high value and untraceable activities on internet. A Slovenian Cryptocurrency mining market known as NiceHash lost over $60 million in a Bitcoin hack.

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