The Bee Token ICO, (decentralized home sharing network) lost $1 million in Phishing Scam

Bee Token, which recently partnered with San Francisco-based financial services platform which is called ‘WeTrust’ in order to build a decentralized competitor to home-sharing service AirBnB, launched its public ICO on Jan 31.

while the startup began its token sale, scammers pretending as operators arrived and announced that they have launched their own version. The scammers told buyers to sign in for the full token sale by using an email address [email protected]. This made the scammers to rob the amount worth $928,000 from the investors.

Still, it is not revealed that how the scammers got investor’s emails, One of the Reddit users told that the company failed to secure their email database.

One of the investors revealed about the email that they got by saying, the project involved emailing victims an Ethereum address or a QR code which lead to the address, telling them to invest quickly in order to increase their returns.

In a statement published late last week, the company confirmed the existence of the scams by informing the investors to send funds only to an address listed on the startup’s official website.

The company published:

“Further, we will NEVER communicate ANY funding address via any channel other than on beetoken.com. If you are solicited to send money to an address (even if it’s from a thebeetoken.com email address, official Bee Token social media accounts, or Bee Token telegram moderator/group), please report this to a moderator on Telegram (@DTodd) and email [email protected]”

Through another statement, the company said it does not use QR codes or provide 100% bonuses, accept more than 0.3 ETH or partner with Microsoft.

The startup completed a successful private pre-sale at the end of December 2017 and a public pre-sale before this year. Anyhow, the organization has raised roughly $10 million.