Experty ICO Investors "Robbed" For $150k

Hackers stole email addresses of potential investors and were able to steal money via malicious dispatch
30 January 2018   474

Hackers stole money from investors of another crypto-currency project. This time it is ICO Experty. A few days before the start of the main part of the campaign, scammers stole $ 150,000. This is reported by Finance Magnates.

Their target was one of the organizers who collected information about potential ICO investors. Hackers get the names of investors, their email and ETH-addresses. Using the received data, they carried out an email spamming with the invitation to take part in the pre-ICO. In the letter they said that investors need to transfer ETH within 12 hours if they want to get more tokens.

The letter also indicated the address for the transfer of funds, and the attackers used several addresses at once.

Many investors believed this letter. Over the past few days, 74 transactions have been sent to hackers for a total of about $ 150,000.

The Experty team responded to the incident and promised to compensate for the loss of the affected users by issuing EXY tokens and a bonus.

We are greatly saddened by the recent email scam that has targeted our community due to the recent data breach. We will be contacting the victims that are in our database in order to distribute the proportional amount of EXY tokens to them, including the bonuses for their tier, from our company allocation. If someone wishes to receive ETH instead, we ask them to please contact us privately about this.
 

Experty Team

The conduct of ICO Experty is handled by Bitcoin Suisse. They also published an official statement about the incident, in which asked investors not to send money to the addresses of intruders.

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Singapore's Watchdog to Warn Crypto Exchanges and ICOs

MAS says it has cautioned the exchanges to seek authorization if trading digital tokens that are regulated under the Securities and Futures Act 
24 May 2018   43

The Monetary Authority of Singapore (MAS), which performs functions of country's central bank, warned eight local crypto exchanges about the inadmissibility of futures contracts trading and digital tokens with the properties of securities without proper authorization from the regulator. This is reported on the Coindesk.

MAS representatives note that if the tokens traded on Singapore exchanges have properties that allow them to be classified as assets subject to the Securities and Futures Act (SFA), the trade in such coins must be immediately terminated before the regulator is given permission to operate as a authorized financial market operator.

If the digital tokens constitute securities or futures contracts, the exchanges must immediately cease the trading of such digital tokens until they have been authorised as an approved exchange or recognised market operator by MAS.
 

Monetary Authority of Singapore

In addition, local organizers of initial coin offerings (ICO) have also been warned about the inadmissibility of raising funds in Singapore. According to the regulator, ICO-tokens are equity instruments in the assets of companies, and therefore fall within the scope of SFA.

If any digital token exchange, issuer or intermediary  breaches our securities laws, MAS will take firm action. The public should be aware that there is no regulatory safeguard if they choose to trade on unregulated digital token exchanges or invest in digital tokens that fall outside the remit of MAS' rules.
 

Lee Boon Ngiap

Assistant managing director, MAS

According to representatives of MAS, not only issuers of ICO-tokens, but also other platforms that are intermediaries in the exchange of such assets and contribute to their dissemination, can bear responsibility.