An average of five vulnerabilities is seen on ICO from 2017 based on some conducted reports. Whether it is to add insult to injury, not more than under half or 47 percent of these vulnerabilities were in the range of medium to high severity.
“In an ICO, time is of the essence, and short time frames mean that anticipating attacks well in advance is critical for avoiding financial losses. The latest figures have shown the rapidly increasing rate of crime and fraud on the cryptocurrency market, with cybercriminals recognizing the opportunity presented by the dramatic rise of the cryptocurrency market in recent months,” said the leader of cybersecurity, Leigh-Anne Galloway.
The significance of this assessment is difficult to discern yet it takes even just one exploited vulnerability to bring progress to an ICO at a grinding halt.
As stated in a report by Hosho, a total of 10 percent of the funds raised ICO have been hacked by hackers who found out about tweaking things only for their own good. The figure could be in an amount of hundreds or millions following that ICO heightened billions of dollars all in all.
“The second a company goes public with an intention to do an ICO, it’s waving a huge flag to cybercriminals that it’s both valuable and also in a very vulnerable phase of its company growth,” Galloway also added.
According to Galloway, this would mean an additional responsibility on the ICO organizers in making sure that they have a solid development.
With the fact that a number of scammers are attempting on taking an advantage for more success to their projects, Savedroid CEO Dr. Yassin Hankir made drastic measures just to spread this awareness.