Etherparty ICO's official website was hacked on the day of the launch of the ICO by a malicious hacker that changed the address of the tokensale. The interesting thing about this hack is that the team managed to deal with this hack by taking down the fake website in less than 15 minutes and contain the damage.
Timeline of Events
- 9:00 A.M. PDT: FUEL token ICO is live.
- 9:45 A.M. PDT: Security breach: fraudulent contribution address is injected into the ICO Page, and in response, Etherparty began the process to shut down the official Etherparty site to protect people.
- 10:00 A.M. PDT: Website taken offline
- 11:35 A.M. PDT: Website rebuilt and moved to a new web server.
- 12:51 P.M. PDT: Press release distributed, official statements posted to Twitter and Medium.
Power of Hackers
The timing of the attack definitely well planned ahead of time so that they attack can occur at the exact moment that the ICO launchs. Some hackers choose to attack websites and slack before the ICO, however, users are now more alert and will less likely get scammed. This is most likely why these hackers chose to attack DURING the ICO, especially in the first few hours. The sad thing is that with this sort of attack, it's almost impossible for users NOT to get fooled because the official site is attacked.
Review and recovery
Etherparty team stated that they will issue tokens to those who contributed to the wrong address.
Sources: https://www.financemagnates.com/cryptocurrency/news/etherparty-latest-get-ico-website-hacked-will-compensate-victims/
https://medium.com/@etherparty/update-on-the-earlier-etherparty-site-shutdown-3716ce6587fd
this is really scary.. but anyway i believe ICOs should stop, and i hate to say this but i agree with china about this... it's getting really inflated.
No one force people to send assets in ICO. This is their free will. Banning ICO is taking this freedom from everyone. But I agree that there is no good way to save participant from scamming. Information is the key, but there is a lack of it, and so you have to think of an ICO as a crowdfunding rather than investment.
I just wish you only good choices ;)
I agreed it too.. there are good and "bad" ICOs floating ard.. is all about how good the marketing is to prove that their ICOs are worth to invest in.
The basis of a free market is such we don't stop it and let competition weed out the weak.
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Let the market decide instead of regulate
Would it be wrong to say that is a little funny?
My first impression is that it was because of pitiful security. I hope I am wrong. Hate for anyone to lose their money but this easy pump and dump money has to end or the space will erode away.
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