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The research, published by Moscow-based cyber security firm
Group-IB on Wednesday, was based on an analysis of 450 attacks
on ICOs since the beginning of 2017. Attempts by hackers to
steal money from ICO projects increased tenfold over the period.
Group-IB also took part in a study published this week by Ernst
& Young which showed that roughly $400 million of the $3.7
billion raised via ICOs to date had been stolen.
The findings come amid a cryptocurrency investing craze, with
young companies raising hundreds of millions of dollars online
to fund projects, with often little more than a handful of
employees and an outline business plan.
There is also growing scrutiny from regulators and investors,
some of whom say they have been misled or defrauded via ICO
schemes.
Group-IB said ICOs and cryptocurrency investors were
particularly at risk from so-called phishing attacks - when
hackers spoof emails and websites to steal passwords and
personal information - with some groups who previously targeted
banks now stealing as much as $1.5 million a month this way.
In some cases, hackers have also attacked and doctored ICO
project websites, changing the information so would-be investors
send their money to the wrong digital "wallets" used for storing
cryptocurrencies.
"Most attacks use traditional and well-proven techniques, which
are also very effective for stealing cryptocurrencies," said
Ruslan Yusufov, director of private client services at Group-IB.
"Lots of projects underestimate cybersecurity risks, which leads
to an avalanche of threats and successful thefts."
(Reporting by Jack Stubbs; Editing by Alexander Smith)
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