A relatively unknown token, which was trying to find its feet in the decentralized world, faced the bitter reality of hackers and phishers that are found aplenty on the web. Makes one wonder when Cyber Security be taken seriously.
Buzzz: This BEE Stings!
The latest string of attacks were undertaken on BEE Token. They are a commission-free home-sharing platform that aims to disrupt industry heavyweights like AirBnB and VRBO. Its users got an email in their accounts that stated the release of it’s official token. They had originally launched their ICO on January 31st 2018. So it wasn’t surprising that when the potential investors rushed to invest in the ‘BEE Nest’. Unfortunately they received a stinger in return.
Supposedly the hackers has created a proxy email address and then sent emails to all those who had signed up for the original ICO. using email address like ‘email@example.com’, they managed to make convince the unsuspecting investors that it was a phishing scam all along for which they fell hook, line and sinker. Those duped have since shared images of the email that they received.
When the core team behind BEE Token realised what was happening, they released a list of tweets to warn off the investors. Till that time, the hackers had managed to generate approximately $ 1 Million of investor funding.
This does reek of incompetence on the end of BEE Token for not securing their email database that they had collected in the KYC process. They currently have posted a disclaimer on their site that reads, :
“The only official URL for Bee Token is www.beetoken.com. If you received confirmation of your participation in the Token Sale, please note that the only valid funding address is posted at https://tokensaleinfo.beetoken.com/.”
A little too late, don’t ya think?
See Also: Fall of the Titans: Cryptocurrency
Coincheck: Check Again
Japan. A Land of honour and most importantly the biggest investor in cryptocurrency from the Asian market. As the Japan government had accepted Cryptocurrencies as legal tender, they had created a separate section of rules and laws which all investors had to abide. Coincheck, happens to be the biggest crypto exchange in the whole of Japan. It is needless to say, but they had a tight rein over their security protocols and customer database that they had for their KYC.
A week back at 3 am Japan time, a massive transaction was undertaken with the trading of NEM ( a cryptocurrency) by morning, 58 billion Yen ($ 532.6 Million) was stolen from multiple accounts.
The CEO of CoinCheck has vowed to repay every last Yen to those who have lost their digital assets, it stands to show that no matter safe or secure we think we can get, hackers are unfortunately a step ahead.
Once bitten, twice shy, maybe now the post and the responsibility of a Cyber Security Expert shall be taken seriously.