$1 MILLION WORTH OF ETHEREUM PHISHED FROM BEE TOKEN INVESTORS

As the cryptocurrency market experiences growing pains, cybercriminals continue to dupe inexperienced investors. A recent example is a phishing scam targeting the Bee Token ICO, resulting in a lot of stolen Ethereum

PHISHING FOR HONEY

Over $1 million worth of Ethereum tokens has been stolen by cybercriminals posing as Bee Token, a cryptocurrency startup with hopes of revolutionizing the home sharing industry by way of the blockchain.

Bee Token officially confirmed the phishing attacks via its official Twitter and Medium accounts.

The coordinated attack was launched alongside the official launch of Bee Token’s initial coin offering (ICO).

ICOs have already been called out for putting inexperienced investors at a greater risk than those already accustomed to spotting scams, and this example helps validate that argument.

Bee Token has since come under heat for potentially failing to protect its users’ data by allowing email addresses to fall into the wrong hands, despite CEO Jonathan Chou’s claim that “We are not at risk of exposing all of our customers’ data in one go if there is a security breach.”

Targeted investors have taken to social media to share examples of the fraudulent emails in circulation.