Bee Token ICO Investors Robbed by Scammers for 700 ETH

The potential investors of Bee Token ICO received phishing emails which contained fake cryptocurrency addresses for their contributions
01 February 2018   1311

Bee Token is a San Francisco-based startup utilizing an ERC-20 ​utility ​token for its Beenest decentralized home-sharing network. The investors who were waiting for their opportunity to join the Bee Token ICO were reportedly robbed for more than 700 ETH.

Scammers managed to collect the emails of potential investors of Bee Token, and sent out phishing emails stating that the token sale started, and offering users to send their contributions to Ethereum address.

Phishing email for bee token investors
Phishing email received by Bee Token ICO Investors

The Bee Token ICO scammers have reportedly managed to steal over 700 ETH (830,000 USD). The founders of Bee Token company confirmed that the above mentioned emails were fake and that they do not send any messages regarding the modification of maximum contribution limit.

The Bee Token has received reports of fake emails, Telegram accounts, etc. claiming to represent the Bee Token ICO Token Generation Event. Please note that we will NEVER EVER communicate an Ethereum address through an email or Direct Message to you via Telegram.

Bee Token Security Announcement

In one hour after the phishing attack, The Bee Token team sent out an email, warning the investors about fake emails and telling them that the real ICO address can be found only on the official website of the ICO.

Recently we have reported that Bee Token announced a new partnership with WeTrust, a blockchain-based platform for financial empowerment, to provide a decentralized insurance layer based on crowdsourced security deposits for Bee Token users.

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Bermuda to Issue First ICO License

The first 'official' ICO that will be held at Bermuda is Uulala
19 October 2018   41

Bermuda’s Minister of National Security, Wayne Caines, said that the Uulala fintech company received the first ICO license in the region. It is reported by the Royal Gazette.

In July, the Secretary of the Treasury of the Overseas Territory of Great Britain, David Bert, introduced new regulations for fintech products and services. The bill classifies initial coin offers (ICO) as “limited business activities”.

The draft law also states that before holding a tokensals, companies must provide information about the proposed digital assets, the financing system, the amount to be raised and various technical aspects. In addition, you must obtain consent from the Minister of Finance of the region.

The CEO of Uulala, Oscar Garcia, reported that the process of obtaining a license took four months. Fintech offers a decentralized peer-to-peer network “to attract cash into the digital economy.” During the ICO, Uulala plans to raise $ 50 million.

We are looking at operating from Bermuda. The Bacardi story resonated with us — a group of Cuban Latinos who went to Bermuda and established their headquarters there. We are looking at doing something similar. Bermuda is known as a financial hub and it is very forward-thinking on blockchain and fintech.

Oscar Garcia

CEO, Uulala

The government of Bermuda began to develop bills for the legalization of the ICO in March. Then David Bert said that Bermuda could be an example for other countries in the field of ICO regulation.