Monday, January 22, 2018

Who could've seen this coming?

Hackers are stealing millions in cryptocurrency during ICOs

A new report from Ernst & Young details just how big of a problem security is when it comes to cryptocurrencies. Researchers collected data on 372 initial coin offerings (ICOs) that took place between 2015 and 2017 and found that over 10 percent of ICO proceeds are stolen by hackers, a percentage that amounts to the theft of up to $1.5 million per month.

And in addition to monetary theft, hackers are also gaining access to personal information like addresses, phone numbers, bank details and credit card numbers.

Ernst & Young's report also points out that along with poor security, problems like lack of regulation and poor standards for ICO valuations also plague the crypto world. The researchers said that instead of important aspects like project development forecasts and the nature of the token, ICO tokens are often valued based on hype and FOMO -- fear of missing out.

Y'know, it's almost like maybe internet libertarian douchebags aren't smarter than everynody else!


anne marie in philly said...

you gotta be a YUGE asshole to buy into this bullshit!

Debra She Who Seeks said...

That whole area is one big racket.

Tal Hartsfeld said...

The cryptocurrency trend never made any logical sense to me either.
I could never "get it".