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Chain analysis: Ethereum related to ICO Scams to double revenue in 2018

5b1c99bb0be3ade1405ac30ff99a57dc - Chain analysis: Ethereum related to ICO Scams to double revenue in 2018

Chain analysis: Ethereum related to ICO Scams to double revenue in 2018

Home News chain analysis: Ethereum related to ICO Scams to double revenue in 2018

Of
Marcus Misiak –
30.01.2019


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ICO is the new, modern means of raising money, in the case of the orientation of the many Scams found, and investors have lost large amounts of capital. Chain analysis reveals in their latest Report that fraudsters were able to double last year’s revenue.

Chain analysis has released preliminary data from a new fraud report shows that the revenue, the scammers were able to achieve on Ethereum-based ICOs, have doubled. The number of affected users amounted to more than 40,000. Furthermore, Criminals have stolen more than 0.01% of the outstanding ETH. The total number of Hacks went back, however, increased by the sums of the stolen Assets (freely translated):

By the end of 2016 until the end of 2018 Chainalysis identified in Ethereum more than 2,000 fraud-addresses which have received nearly 40,000 individual users of money. The fraud activity increased in the year 2018, dramatically, with this year almost 75% of the fraudulent activities took place.

According to the analysis, there were three kinds of how to cheat investors were able to outsmart. In the first place, so-called Phishing-attacks, which account for 38.7% of ETH losses in the previous year, there were 88,6%. This shows that the proportion is still very high, however, investors are more attentive and more careful. Such attacks occur when hackers are present as trusted investors, for example, as a stock with an almost identical URL, or as a serious wallet provider. Some time ago there was the case of IOTA, a relatively prominent case, the user is on a page of Seeds generated and the operator of the site, which is supposed to help mass-IOTA have stolen. Chainanalsis takes (freely translated):

2018 has been postponed for a fraud activity in two ways. After the success of Phishing scams in 2017 jumped many more Criminals on the train. You saturated attacks the market with Phishing, but less user fell for it.

The second Trend is to manipulate the output from Token over ICO and Ponzi schemes. If, for example, refers to an ICO Issuer capital from investors, without the respective Token to be paid and that the promised project never realized, or development progress. A high yield promise attracted 31.5% of the victims in such a Fall, with 15% to Ponzi schemes and the other of 14.9% falling on the rest of the procedure.

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