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ICO $4 Billion Phishing Scam: Divya Kumari Ankita Ranjane Sandhya Mishra Ankit Kumar Yadav Kushal Kadam Ani Khan

A $4 billion ICO phishing scam occurred when scammers breached the internal email system of Block One, the company behind the EOS ICO. The scammers were able to respond to previous customer support emails, linking to a fake website that prompted users to enter private keys and unlock cryptocurrency wallets. Over $127,000 in EOS funds were stolen this way. To prevent such scams, people should beware of imposter websites and emails, thoroughly research any ICO teams and projects, and exercise caution when considering new crypto investments.

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666 views14 pages

ICO $4 Billion Phishing Scam: Divya Kumari Ankita Ranjane Sandhya Mishra Ankit Kumar Yadav Kushal Kadam Ani Khan

A $4 billion ICO phishing scam occurred when scammers breached the internal email system of Block One, the company behind the EOS ICO. The scammers were able to respond to previous customer support emails, linking to a fake website that prompted users to enter private keys and unlock cryptocurrency wallets. Over $127,000 in EOS funds were stolen this way. To prevent such scams, people should beware of imposter websites and emails, thoroughly research any ICO teams and projects, and exercise caution when considering new crypto investments.

Uploaded by

sandhya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
  • Introduction to Phishing and ICO Scam: This section provides an overview of the phishing scams, focusing on the ICO $4 billion phishing scam presented by authors.
  • Phishing Awareness: Highlights statistics about public awareness of phishing and common misconceptions.
  • Phishing Scams Mechanics: Explains the step-by-step process of how phishing scams operate, starting from an email.
  • Understanding Phishing Scams: Describes the speculative nature of phishing scams and how they attempt to deceive individuals.
  • Targeted Information: Lists types of personal information that scammers typically aim to steal through phishing.
  • Reasons for Falling for Phishing: Discusses common reasons why people fall victim to phishing scams, including frequently spoofed websites.
  • Types of Phishing: Illustrates and defines different types of phishing attacks and their targets.
  • ICO Scam Overview: Explains what an ICO scam involves, focusing on the initial coin offering and typical hacker interventions.
  • Execution of the Scam: Narrates how the phishing scam was executed, focusing on the breach of the EOS ICO system.
  • Prevention Strategies: Provides strategies and tips for preventing scams, tailored to ICO and cryptocurrency contexts.
  • Email Scam Examples: Lists examples of email scams, providing specific details and dates of occurrences.
  • Phishing Data Analysis: Presents data and analysis on phishing trends and rates over several years.
  • Conclusion: Final remarks and closing message expressing gratitude to the audience.

ICO $4 Billion

Phishing Scam
PRESENTED BY:
Divya Kumari
Ankita Ranjane
Sandhya Mishra
Ankit Kumar Yadav
Kushal Kadam
Ani KHAN
Did you know…
• One in four people have never
heard of the term “Phishing”.

• Half of the people surveyed


could not accurately define
phishing.
“Phishing” Scam Occur when

Provides a hyperlink to a
You get an email web page

Asking you to The link takes you to


“update their a thief’s website
records”
.
Why Phishing Scams?
• A phishing expedition, like the fishing expedition it's named for, is a
speculative venture: the phisher puts the lure hoping to fool at least a
few of the prey that encounter the bait.

• The thief is hoping to hook you with a very slick but very fake
website to fish for your personal information.
What kinds of personal information do the
thieves want?
• Your name, address and date of birth

• Social Security number

• Driver’s License number

• Credit Card numbers

• ATM cards

• Telephone calling cards


Why people fall for phishing
scams?

• Web sites that are frequently spoofed by phishers include PayPal,


Paytm, eBay, MSN, Yahoo, BestBuy, and banking companies.
Types of Phishing
Whaling

Smishing &
Spear phishing
vishing

Email phishing Angler phishing


What is ICO scam?
• ICO is a initial coin offering
ICO is initial coin offering where crypto currency
startup uses to raise funds for projects

• Role of block one


Block one was a startup by brock pierce, which
work to develop block chain software

• Hacker’s Intervention
Scammers breached internal System of the
company
How did the scam occur?
 Scammers have breached an internal system of the company
behind the record-setting EOS ICO.
 EOS’s actual website is [Link]. (The underlying URL for the fake
site is actually “[Link] domain that
translates to e?[Link].
 Eventually, the phishing site prompts visitors to enter their
private key.
 Unlock their digital cryptocurrency wallets.
 [Link](Blockchain software - a startup Co.) admitted over the
weekend that an intruder had managed to breach its email support
system, operated by cloud software provider Zendesk.
 The scammer then responded to previous customer queries using
[Link]’s email domain.
 Some $70,400 in EOS went to Fake_Phishing1169, while $57,000
more landed at Fake_Phishing976.
 And those are just some of the addresses that don’t even bother to
hide their ill intent (suggesting they’re part of an organized phishing
ring).
HOW TO PREVENT THE SCAM?
 Fraudulent ICOs and sketchy coins and tokens abound, but there are many ways to
help ensure that you avoid these potential scams
• Beware of imposter websites
• Fake mobile apps
• Scamming emails
• Bad tweets and other social media updates
 Thorough research of the individual team members of a project you invest
 Any ICO will depend upon a token or a currency system in order to facilitate crowd
funding process. A crypto currency or ICO white paper is the foundational
document for that project.
 Overall, be extremely cautious as you look for new investment opportunities in
the ICO and crypto currency spaces.
• Email Scam (Dec 29, 2020): “DVB Transport
LATEST PHISHING SCAMS

– Service and Order Docs


• Email Scam (Oct 28, 2020): “[AMAZON]
Billing update!
• Email Scam (Oct 14, 2020): “Part-Time Job
Offer”
• Email Scam (June 24, 2020): “Please respond
– overdue payment from DYNA COMP INC.”
• Email Scam (Apr 27, 2020): “New statement
information update!”
PHISHING RELATED DATA
THANK YOU

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