After Raising $40M In Initial Coin Offering, Smartphone Mining ICO Hit by DDoS Attack

November 7, 2017 3:15 pm Published by

After raising $40 million in its Initial Coin Offering (ICO), Electroneum, a cryptocurrency startup offering an app used on smartphones to mine digital currency, came under a massive DDoS attack, reported Tuesday.

The company, based in the United Kingdom was struck by the attack resulting in investors being locked out from accessing their accounts, the report said.

The DDos – or Distributed denial of service attack – has forced the company to delay the full launch or their mobile mining app, the report said.

The attack involves an array of compromised computers aimed at accessing one site, the report said. During the attack, these Botnets flood the website’s servers and spams it with too much traffic for it to handle. As such, legitimate traffic is unable to get through, and as a result, it becomes far more susceptible to hacking.

Meanwhile, Electroneum has locked down their accounts as they claim there are more than 140,000 people who won tokens from the ICO, the report said.

Electroneum is trying to dislodge the attack and bring its network back online.

A statement on Electroneum website said: “We are very sorry for the continued delay and understand your frustration. We are working as hard as is humanly possible to complete the works and get everyone live so we can get on with the next (exciting) stage of the evolution of Electroneum.”, Jack Durschlag

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