Experty ICO by Bitcoin Suisse Caused Losses by Phishing Scam

The ICO, handled by the skilled experts of Bitcoin Suisse, was not immune to a simple trick diverting Ethereum to a fake address.

Experty ICO, one of the few and well-run token sales by Bitcoin Suisse, showed it was not immune to faults. Around $150,000 worth of Ethereum was diverted to a few hackers' addresses.

The hest happened over the weekend, when unuthorized emails were sent by the hacker, with a fake special promotion for the Experty ICO token. Allegedly, the mailing list was also stolen from a compromised computer belonging to one of the ICO's reviewers.

Bitcoin Suisse is the ICO organized behind projects like Omise Go (OMG), Tezos (XTZ) and Bancor (BNT). Yet this time, the ICO itself may have contributed to a leak of data. The ICO is completely KYC-protected, which exacerbates the problem, as identities are also at stake. KYC for token sales usually requires a passport scan and a selfie, creating dangers of stealing much more than cryptocurrencies.

Phishing scams are nothing new for ICOs, as usually fake Ethereum addresses and cloned sites have affected previous projects. But as ICOs are becoming more numerous, and more newcomers are joining, the same old scams continue to work.

One of these cases was the CoinDash ICO, where eventually the hacker returned some of the funds, to the tune of 10,000 ETH. Since then, the hacker's address has been inactive.

In another recent case, a little-known ICO from Lithuania, Prodeum, pulled an exit prank, but luckily did not manage to gather much Ethereum in its ICO wallet.

But the hacking of a token sale on what was supposed to be a quality ICO is a reminder that the threat continues, and backers would need to be vigilant. The Experty ICO is scheduled for January 31.

For now, the data of Bitcoin Suisse have been deemed safe:

Besides ICO coordination, Bitcoin Suisse is also a source of trading, especially an off-ramp for large orders of Bitcoin to be paid out in cash. It is considered a top-notch service related to the cryptocurency industry.