Crypto-currency Start-Up Experty to Refund Investors After Phishing Scam
Crypto-currency start-up Experty has made a bold move to refund investors who fell victim to a phishing scam just before its recent initial coin offering (ICO). The scam left investors $150,000 out of pocket, but Experty is determined to make things right.
Experty’s Mission
Experty’s mission is to promote the global adoption of digital currency within the next three years. The company aims to achieve this goal by developing an intuitive and user-friendly application that can be widely used. This application is designed to address the current blockchain skills shortage by allowing experts to monetize their skills through a Skype-like voice and video platform.
The Phishing Scam
Unfortunately, Experty’s ICO was marred by a phishing scam that occurred just before the event. Scammers sent out emails to investors, promising them special bonuses of Experty tokens (EXY) if they sent Ethereum to a third-party wallet address not associated with the company. The emails were riddled with spelling errors, making it clear that they were fraudulent.
It is believed that the scammers obtained investors’ email addresses by compromising the machine of an Experty user who was conducting a Proof of Care (PoC) review.
Experty’s Response
Experty has taken responsibility for the phishing incident and has pledged to refund affected investors. The company has already distributed 100 EXY tokens to all investors whose Ethereum addresses were in its database. Experty has also stated that it will reach out to individual victims of the scam to ensure they receive the appropriate compensation.
Experty has issued a notice stating, “Any ETH sent to the scammer after this announcement [January 28, 2018 at 21:30 UTC] will not be refunded in order to prevent people purposely sending money to the scam address to receive EXY tokens.”
Preventing Cyber-Crime in Crypto-ICOs
Crypto-ICOs have become a lucrative target for cyber-criminals, with phishing being one of the primary tactics used to steal funds. According to a report from Ernst & Young, 10% of all ICO funds have been stolen, highlighting the importance of robust security measures in the crypto-currency industry.
Experty’s swift response to the phishing scam sets a positive example for other crypto-currency start-ups, demonstrating the importance of protecting investors and maintaining trust in the industry.