Cryptocurrency startup Bee Token confirmed that scammers conned its investors out of at least $928,000 worth of ethereum when it ran its initial coin offering (ICO). The fraudsters who phished the investors posed as the Bee Token team, urging them to quickly capitalize on the ICO to gain a significantly higher return on investment. The scheme involved the phishers sending would-be buyers an Ethereum address or a QR code that redirects them to the address. The earliest transaction occurred on January 31, nearly the same time Bee Token ran its ICO.
Bee Token is the cryptocurrency of Beenest, a decentralized home-sharing and house rental network much like Airbnb. It is a real-world example of applying blockchain technology to an industry, which, in this case, is short-term housing and hospitality. Beenest held an ICO (presale of its Bee tokens) in January to raise enough crowdfunded capital to launch the project. Presale ICOs are usually done to test the waters to see if the project has garnered enough interest, and investors are incentivized with discounted offers.
[READ: Security 101: The Impact of Cryptocurrency-Mining Malware]
Bee Token’s case is a classic example of phishing, where perpetrators try to lend itself credibility and legitimacy while inciting a sense of urgency to would-be victims in order to cash in on their bank accounts and even personal data that they can monetize. And Bee Token wasn’t just a one-off incident. In late January, hackers phished participants of the Experty ICO (meant for setting up a Skype-like application) and got away with etherium worth $150,000.
Cryptocurrency’s real-world leverage is indeed drawing cybercriminal attention. But phishing isn’t the only favored technique—in fact, the use of cryptocurrency-mining malware and botnets that turn devices into resource-stealing zombies are increasing.
Just this week, a worm-like Monero-mining malware (ADB.Miner) is currently gaining ground in China and South Korea, which so far is affecting Android-powered devices. It abuses Android Debug Bridge (ABD), a command-line tool that facilitates various functionalities, such as installing and debugging applications. ADB.Miner has scanning capability of the infamous Mirai, searching for open port 5555 (which is part of ADB’s port range). And it’s not just cybercriminals. Cyberespionage campaign PZChao was recently seen deploying custom-built information stealers and remote access Trojans that also mines bitcoins.
[From The TrendLabs Security Intelligence Blog: Digmine Cryptocurrency Miner Spreading via Facebook Messenger]
The surge of malicious cryptocurrency mining activities would only translate to cybercriminals looking for more ways to zombify devices — from abusing legitimate services and exploiting vulnerabilities and system weaknesses to using tried-and-tested techniques such as phishing. These incidents highlight the significance of defense in depth, or arraying defenses at each layer of the infrastructure to mitigate and lessen exposure to threats.
In cases like Bee Token’s, apply best practices against phishing: Beware of suspicious emails with equally dodgy requests, such as those that ask for more personal information than necessary. The sender's display names can also reveal phishing red flags. Bee Token investors were duped by scammers using fake email addresses instead of ones officially used by the Bee Token team. Phishing emails, like those used in Business Email Compromise attacks, are also written with a sense of urgency. Social engineering is a vital component in phishing, so users and businesses should be more security-aware: If the phishing email offers something that seems too good to be true, it usually is.
Trend Micro Solutions
Given how the phishing scam used on Bee Token used email as an entry point, organizations need to secure the email gateway to mitigate this kind of threat. Trend Micro™Hosted Email Securityis a no-maintenance cloud solution that delivers continuously updated protection to stop spam, malware, spear phishing, ransomware, and advanced targeted attacks before they reach the network.Trend Micro™ Deep Discovery™ Email InspectorandInterScan™ Web Securityprevent malware from ever reaching end users. At the endpoint level,Trend Micro™ Smart Protection Suites, deliver several capabilities that minimize the threat’s impact. These solutions are powered by the Trend MicroXGen™ security, whichprovides a cross-generational blend of threat defense techniques against a full range of threats fordata centers,cloud environments,networks, andendpoints.
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Publié dans , Cryptocurrency
FAQs
Bee Token Stung with a Phishing Scam that Cost Investors $1M of Ethereum. Cryptocurrency startup Bee Token confirmed that scammers conned its investors out of at least $928,000 worth of ethereum when it ran its initial coin offering (ICO).
Will bee coin ever be worth anything? ›
Is bee worth anything? Like the Pi Network, Bee is currently not worth anything. According to the roadmap, the developers aim to have the Bee Network fully launched and possess market value by 2024. In other words, Bee could end up being worth a lot, worth a little, or potentially worth nothing at all.
Is bee real money? ›
Conclusion: BEE crypto is a new cryptocurrency that has the potential to become a valuable asset. However, it is important to be aware of the risks involved before investing in BEE crypto. If you are considering investing in BEE crypto, you should do your own research and understand the risks involved.
Is bee real crypto? ›
Bee Token (BEE) is a cryptocurrency token and operates on the Ethereum platform. Bee Token has a current supply of 500,000,000 with 236,629,158.70730138 in circulation. The last known price of Bee Token is 0.00041523 USD and is up 5.17 over the last 24 hours. More information can be found at https://www.beetoken.com/.
What is the Bee Network cryptocurrency? ›
The Bee Network is a blockchain-based cryptocurrency project that aims to create a decentralized network for users to earn rewards through a mobile app. Users participate by confirming transactions and inviting others to join, earning Bee tokens in return.
How much is 1000 bee coin worth? ›
Latest BEE to USD price calculator
| BNBEE | US Dollar |
|---|
| 250 BEE | 0.07 USD |
| 500 BEE | 0.14 USD |
| 1000 BEE | 0.28 USD |
| 2500 BEE | 0.70 USD |
10 more rowsWhat are the best exchanges for buying and selling BEE? Currently, the most active and dominating exchanges for buying and selling Bee Token are Binance, Kraken & Kucoin.
How much is a bee coin in dollars? ›
Convert Globees (BEE) to USD
| BEE | USD |
|---|
| 0.01 BEE | 0.00017396 USD |
| 0.1 BEE | 0.00173960 USD |
| 1 BEE | 0.01739603 USD |
| 2 BEE | 0.03479205 USD |
8 more rowsIn the case of Bee Network the initial expected date for becoming publicly traded was late 2023 but as of now with such a high uptake and growth in members (doubling approximately every 2 weeks) I would expect Bee Network to become a public currency as early as the start of 2022.
How much is a bee coin? ›
BEE Live Price Summary
Today's price of BEE is $0.01626457, with a 24-hour trading volume of $82.88K.
Conclusion. Bee Network app is not a scam but the app is just in its infant stages, so it is understandable why some people may be in doubt about this network. At the moment, it's still a small network with a small cryptocurrency of a low price.
Is Bee a good investment? ›
Is investment in Nifty BeES good for beginners? Nifty BeES can be a good investment for beginners as it provides diversified exposure to top Indian companies through the Nifty 50 Index. As an exchange-traded fund (ETF), it offers simplicity and lower risk compared to individual stocks.
Is coin bee legit? ›
Is The Coin App A Scam? The COIN app isn't a scam, but it won't make you $100 a day or anything even close to that. This is a fun passive income app and way to earn some crypto. But don't expect large payouts unless you travel a lot every single day.
Can you make money from bee cryptocurrency? ›
a. You can log in to Bee Network as a "Pioneer" and press the start button every day to activate the next 24H earning period, thus automatically earning the basic hourly income as a Pioneer for the next 24H session, which is 1.6 Bee per hour. The earning rate will be halved to 0.8 Bee/H when we reach 100k total users.
How to make money on Bee Network? ›
Invite friends to join:Bee Network encourages users to invite friends and build a network. By inviting friends using your referral code, you can earn additional Bee coins as a reward. The more friends you invite, the greater your mining rewards will be.
What happened to Bee crypto? ›
Bee Token Stung with a Phishing Scam that Cost Investors $1M of Ethereum. Cryptocurrency startup Bee Token confirmed that scammers conned its investors out of at least $928,000 worth of ethereum when it ran its initial coin offering (ICO).
Does bee coin have a future? ›
After evaluating various quantitative technical indicators, Bee Token appears to have a neutral forecast for 2024. Always consider both fundamental and technical analysis before investing in any cryptocurrency.
Does bee crypto have a future? ›
According to our current HoneyBee price prediction, the price of HoneyBee is predicted to rise by 228.04% and reach $ 0.376483 by June 5, 2024. Per our technical indicators, the current sentiment is Bearish while the Fear & Greed Index is showing 68 (Greed).
What is the future price of bee coin? ›
The price of 00 Token is predicted to reach at a minimum level of $0.81 in 2026. The 00 Token price can reach a maximum level of $0.96 with the average price of $0.83 throughout 2026. Read More The price of 00 Token is predicted to reach at a minimum value of $1.11 in 2027.
Will bee become a currency? ›
In the case of Bee Network the initial expected date for becoming publicly traded was late 2023 but as of now with such a high uptake and growth in members (doubling approximately every 2 weeks) I would expect Bee Network to become a public currency as early as the start of 2022.
