2018 will be the year of ICOs. This brings a large concern because setting up an ICO is pretty easy. You have tons of Youtube videos how to set up the ERC20 token (token built on Ethereum blockchain). That, on the contrary, lowers the level of skills that are needed to enter the market. Hackers that are targeting ICOs know that it’s almost impossible to hack Ethereum’s or Bitcoin’s Blockchain, instead of doing that they are targeting weak points.
How do the hackers usually move? They will start pinging the ICO crowdsale platform, to find security holes, from where they can get in. Most of the crowdsale platforms, usually don’t know that they have been breached. When they have reached access to the critical parts, they don’t just swoop in guns blazing and take what’s up for the grabs on the first go. Instead they will monitor the ICO. when ICO has collected enough funds, they will initiate the hack.
We have made an overview, where are the main security issues from the past hacks, and how could you avoid them.