Kaspersky Labs reveals around $10 million in ETH stolen in the last year

12 Jul, 2018
by Richard Allen
Kaspersky Labs reveals around $10 million in ETH stolen in the last year

Kaspersky Lab's security experts have managed to determine that more than 21,000 ethereum, around $10 million have been stolen through social engineering schemes in the last year.  

According to a report on July 9, cyber criminals have collectively sparked over a 100,000 alarms on security software in connection with cryptocurrencies in 2018.

Kaspersky Lab have picked up on the trend that scammers prefer investors interested in ICO’s, using fake websites and phishing emails containing an e-wallet number to bait their victims.

The report describes that the most successful attacks make use of well-known ICO projects. The Switcheo ICO for example, in which criminals managed to steal more than $25,000 worth of cryptocurrency after spreading the link through a fake Twitter account.

Another popular method involves using cryptocurrency giveaway scams, in which the criminals request that victims send a small amount of cryptocurrency in exchange for a much larger payout of the same currency in the future. Some thieves have even taken to impersonating well-known individuals, such as Elon Musk and Telegram founder Pavel Durov.

By making use of these types of schemes, Kaspersky Labs estimates that more than 21,000 ETH or around $10 million at the currency exchange rate have been stolen in the past year. That is excluding classic phishing attacks or examples involving the generation of individual addresses for each victim.

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Read more about: Ethereum (ETH)

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