BeeToken Scam Alert

Beetoken was last night subject to a massive ICO scam. Anyone who had signed up for information or to participate in the ICO received an email from this email address: [email protected] with a false Ethereum address. As of this writing they have already stolen close to $122,000 worth of Ethereum.

This is troubling for a lot of reasons. The first, is that it shows a flaw in the system where people are rushed into a sale, which is counter productive for making rational decisions. But what is more of a concern here in this particular case is that this is not a random scam. The perpetrators sent emails directly to those who had already signed up for Beetoken. This implies that Beetoken is not completely innocent in this fraud, as they must either have an employee who has stolen the emails, or they have been subject to hacking. (The third option here I will not even mention, but their reputation is very much at stake based on this.)

Since this was demonstrably not a random phishing scheme, but one targeted directly only to people who gave their email addresses to Beetoken, it appears that Beetoken is responsible in some way for this theft and should address it. I feel they must be called upon to make a public statement and even to help those who have lost their money find a way to regain it.

Since they appear to have a great idea, and to have some reputable team members, I hope they do speak out and explain how this happened. If they do not, I think this should rightly harm their reputation, as a company working in the blockchain industry should understand security first and foremost.

In any case, the moral of the story here is: Never Rush Into Anything! Keep your wits, and always triple check everything before sending money.