Scammers Invent New Ways to Attack ICO Projects

Scammers become more creative, starting cyber-hate campaigns against the projects which are in their ICO phase and promising to stop false accusations only for the reward
05 March 2018   12811

Nowadays cryptocurrency gains more and more popularity as more people understand that digital currency is easy to use and can be really profitable. A lot of companies start Initial Coin Offerings, working on useful projects and offering tokens for the supporters of their concept. But at the same time, there are people who do not use fair methods to earn the money, and there is a shocking number of reports about scammers, hackers, money stolen from investors and other cases of fraud.

Technological progress goes forward, letting the scammers invent new ways of fraud. We have recently stumbled across the new criminal group specializing in extorting money from start-ups and ICO projects.

FireLotto is the project which became the victim of such attack.

    FireLotto scammers attackScammers emails to FireLotto

    As FireLotto representatives told us, the scammers use the same fraud scheme with all projects they attack. It goes as follows:

    • Firstly, scammers start a cyber-hate campaign in social networks and on the popular crypto community forum They write the different versions of the same accusations to all the projects, attack the members of the project team, the project itself, invent non-existent facts, trying malicious atmosphere around the start-up.
    • Further, the attackers send a letter to the corporate mail of the project or contact one of the project team members offering to stop the hate campaign for a reward. The amount of the reward varies depending on how greedy the scammers are.

    The attack on your project was organized by the company that is going to start its lottery ICO this summer. We offer you to overbuy the order. Waiting for the answer until the evening.

    The email sent by scammers to FireLotto

    Here is exactly what happened:

    • FireLotto team received an email from a group of individuals, who reported that the attack was ordered by another project, which launches its ICO in summer of 2018
    • Scammers attempted to attack the server and site of Fire Lotto project
    • Aftrewards, scammers began aggressive attacks on forum. From scammers profiles on bitcointalk Firelotto discovered that there were a lot of projects that have already been attacked
    • Finally, scammers requested a ransom to stop the attack and remove all the negative information

    Firelotto scammers emailsScammers emails to FireLotto

    The strategy of scammers includes attacking project's bitcointalk forum, DDOS attacks and a special webste dedicated to ICO project, launching groups in VK and Facebook promoting ICO project as a scam.

    We employ serious people and our support will be much more effective than any type of advertising. We don't insist because we have the order of your competitor who we have to answer tomorrow. We guarantee that they will not be able to find anyone else working in this area. Send your answer until 20:00.

    The email sent by scammers to FireLotto

    Scammers went further, and even provided the examples of their work on other projects:

    • ICO Worldcore

    After reviewing the emails sent to the representatives of FireLotto ICO it becomes clear that people sending such letters are scammers and not trustworthy crypto industry experts as they present themselves on the forum.

    scammers emails to firelottoScammers emails to FireLotto

    Tomorrow morning we will send a notice to the Singapore police claiming that you are collecting funds for terrorist activities. The same notice will be sent to similar services in Russia and USA. Your english language branch on bitcointalk forum will soon be sent to the trash can. We will send warnings to your followers on Twitter and Facebook. 

    The email sent by scammers to FireLotto

    Fire Lotto project decided not to encourage scammers and respond to what they ask for, so the project team informed the community about extortion and hating campaign from the attackers. After that was done, the scammers created new accounts and started sending threats to project administrators in Telegram, corporate mail, and writing defamatory posts on bitcointalk.

    It is crucially important to protect yourself, your funds and the projects you believe in from all types of fraud. We recommend our readers to trust only official channels of the projects they invest in, and be careful in choosing the one that can be really trusted.

    Do not let scammers mislead you!

    Сould you please attach your email address for us to send you the most interesting ICO's rating and reviews. No spam.

    Top Ongoing ICO 23rd - 29th September

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    Every week we find a large number of projects which are holding Initial Coin Offerings in order to be able to bring their incredible ideas to life. There are a lot of news regarding ICO and cryptocurrency, and we do our best to report about the updates released, or the crypto conferences held all over the world. And now it’s time to look at the ICO market! In a list below you will find our reviews of the projects we consider worth looking at this week. As you already know, Hype.Codes team is working hard to deliver all top-notch ICO news!

    Current list for quick navigation Modex, Coin Analyst, eLYQD, BitNautic, Pool of StakeTachain, Solidfield

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    3. eLYQD 

    Hype.Codes rate  89

    One of the main features of eLYQD is the use of blockchain technology, which allows making the platform transparent, open and as safe as possible for both transaction parties, reduction of transaction and business costs, and simplifying of the purchase process.

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    4. BitNautic 

    Hype.Codes rate  85

    BitNautic is a decentralized platform, based on the Ethereum Blockchain, for matching demand and supply of shipping services, for all the industry stakeholders: producers of goods, ship owners, charterers, brokers, importers and exporters. BitNautic comes with distinctive features like AI (Artificial Intelligence) based booking system, a real-time tracking of ships and cargo, and a wholesale e-commerce platform.

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    Hype.Codes rate  80

    Qtum, Stratis, Universa and soon Ethereum holders can unite in the Pool of Stake and start staking together. Pool of Stake aims to operate in all types of PoS blockchains- Smart Contract platforms or blockchains with a delegated mechanism. The main goal for Pool of Stake is to increase the profits for small stakers by enabling a trusted environment to pool funds together. For this purpose, two ERC-20 tokens are used. First, the PSK token that gives discounts an rewards withdrawal fees. Second, an IOU token that acknowledges the user’s investment. The PSK platform will provide an analytics tool via a smart i.o. database that will allow members to track, control and optimize their investments. In this white paper, we explain the implementation of Pool of Stake and its services. We elaborate the governance vision which will be developed in the coming months to ensure that the PSK community remains.

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    Hype.Codes rate  79

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    7. Solidfied 

    Hype.Codes rate  80

    The future will be built on smart contracts. Smart contracts are only as secure as the code they are written in. As they are immutable after release, they need reliable security due diligence to earn companies and users trust and value. With 200+ code experts and 400k ETH of market cap. secured, Solidified is the market leader in smart contract security already. We know the market and its bugs. It's still fully centralized which allows for fraud and hacks and bad or lazy work hardly has consequences for the auditor. We can fix this. Introducing the first decentralized audit system & Bug Prediction Market! Actors can stake on whether a vulnerability will be discovered in a smart contract by a certain date. The basis for such a market is a smart contract that has been audited and secured by an individual or a group of auditors using the Solidified platform. These actors are held accountable for securing the code by having staked income and reputation in the form of the Solid Token.

    Vote for this ICO

    Sales dates: Jul 23rd - Oct 23rd
    Accepted currencies. ETH
    Hard cap 36k ETH
    Website and Whitepaper 

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