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11 September

Blackmoon Financial Group and Group-IB Will Cooperate on Cybersecurity

Blackmoon Financial Group, established by Oleg Seydak (co-founder of Flint Capital) and Ilya Perekopsky (former vice president of Vkontakte), concluded a cooperation agreement with Group-IB, provider of solutions for early cyber threats identification.

Group-IB will provide support to Blackmoon in managing cyber security risks. The company has already launched Blackmoon Crypto project — a platform for tokenization of investment funds. The counselling program includes comprehensive audits of the project technology infrastructure protection, recommendations for improvement of information security policies and practices, availability of Group-IB solutions for security perimeter control, as well as investigation of incidents. The assessment of compliance with recommendations and of preparedness for new attack types will be provided through regular Red Teaming of industry relevant real-life attacks scenarios.

Blockchain technology ensures unprecedented transparency and security of transactions. Public offering of tokens (or ICO) provides a modern blockchain-based alternative to crowdfunding, and it offers numerous opportunities for the development of startups market and launch of new projects. In 2017, more than $1.7 billion has been raised through ICO .

However, there is also a downside: because the transactions are anonymous, cyberattacks against ICO have recently become widespread. According to Chainalysis , hackers have managed to steal 10% of all ICO-invested funds in Ethereum in 2017. General damage has reached $225 million, on average, each of 30 000 investors have lost about $7 500. Among ICOs suffered from cyberattacks are The DAO (one third of $150 million lost because of the vulnerability in software), CoinDash (website hack resulted in theft of $7 million) and other high-profile attacks. According to experts, the adoption of comprehensive measures could have helped avoiding those losses.

The launch of ICO is a major step for a major project. The infrastructure should be safeguarded as much as possible, with the help of cutting edge security solutions, because investors’ money is at stake here. When launching Blackmoon Crypto, we adhered to the basic principles of compliance with regulator’s requirements, transparency and utmost security of all systems. Our approach implies servers fault tolerance, backup storage and disaster recovery plan, as well as multi-signature and cold wallets, secure storage of private identity keys. The security infrastructure support, provided by Group-IB, an established world leader in protection against cyberattacks, makes our systems more stable and helps us to ensure protection of funds, as well as reaffirm our commitment to token sale.

Олег Сейдак

Oleg Seydak

CEO, Blackmoon Crypto

The quantity of cryptocurrency threats and blockchain project threats, registered by our threat intelligence system, has raised in conjunction with the bitcoin exchange rate. Development and promotion of clone sites to intercept access data to clients’ accounts has been industrialized; owners of bot-networks monitor all cases of infected devices having access to web and mobile applications for wallets, bourses, funds; vulnerabilities of smart-contracts are discussed at private hacker platforms. We have already witnessed something of that kind at the early years of online-banking — hackers always go for money. The more efficient a fintech project is, the more extensive is ICO, and the more attacks it can potentially attract. We are happy to cooperate with the team, capable of matching its ambitions with technology risks, the one that is ready to ensure systematic prevention of deficiencies.

Ilya Sachkov

Ilya Sachkov

CEO, Group-IB

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