Group-IB Protects Lightcash Project’s “Golden ICO”

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Group-IB, an international company specializing in the prevention of cyber attacks and information security products development, and Lightcash financial platform have announced a strategic partnership. Their primary goal is to launch the upcoming Lightcash project’s ICO. Sales of LCCT tokens will begin on March 12, 2018 and 210,000,000 tokens will be sold during the event.

Lightcash is a developer of cryptocurrency exchange services, with their own crowdfunding platform, and a system for placing crypto deposits. At the same time, the Lightcash project team is working on its own low-volatile cryptocurrency (LCSH) backed by real gold. One thousand tokens will be equated to the cost of 1g of gold, which is currently worth around $40.

The precious metal is mined by Lapri Mining LLC, a company belonging to Lightcash co-founder, Alexei Kholmagorov. The company owns a placer gold deposit and has obtained state-issued licenses for mining. The gold mining site is located in the Tynda area of the Amur region of Russian Federation, 75km north-east of the district center of Tynda. The primary goal of Lightcash ICO is to raise funds to purchase a new gold deposit. The team expects to close the deal and start working on the new site this summer.

According to the signed agreement, Group-IB will develop a risk map, with risks ranked by the degree of their severity and Lightcash’s susceptibility to them. During the period of preparation and staging an ICO, priority will be given to identifying and blocking phishing sites, as well as protecting the community, monitoring social networks, and public communications with investors.

“Explosive worldwide growth of the crypto industry has provoked an interest from cybercriminals,” says Ruslan Yusufov, director of the private banking division of Group-IB. “We see that companies from the so-called ‘real sector’ of the economy are becoming more and more interested in blockchain technology and ICO, as a new financial instrument.  Businesses assess the risks and importance of information security, starting working on it from the stage of project design. During our collaboration with Lightcash, our primary goal is to protect the brand from illegal activities and secure the Lightcash community from potential fraud, which, unfortunately, have become quite common in the crypto world. In the future, we plan to expand our partnership to protect the entire project infrastructure.”

The blockchain-based Lightcash service provides a mechanism for carrying out transactions with both fiat money and cryptocurrencies, as well as the functionality for currency exchange. According to the developers, Lightcash users will be able to use cryptocurrencies to pay for goods sold for ‘real’ money. Transactions with minimal commission are made in payment terminals and e-commerce websites.

“The global goal of the Lightcash project is to create a convenient tool for using cryptocurrencies which will help to get rid of their excessive volatility problem,” commented Vyacheslav Vokin, Lightcash co-founder. “We want to provide investors with the opportunity to use new technologies with minimal risks. To achieve this, it is important not only to ensure service stability via the use of gold to bake our crypto coin, but also to protect investors and community members who believe in our project. To solve this issue, we’ve partnered with Group-IB whose experts have successful and relevant experience in securing many successful crypto projects and ICOs.”

Authors of a study titled, EY research: initial coin offerings (ICOs), have identified the top three leading countries in conducting ICOs. The US holds first place – local startups were able to attract more than $1 billion in investments, Russia and China came second and third with $452 and $310 million, respectively. During the report preparation period, Group-IB experts were involved in the analysis of ICO-related cyber threats. According to statistics, almost $400 million, i.e. about 10% of $3.7 billion, earned through ICOs, was eventually stolen by hackers or lost in security incidents. According to the Group-IB’s research for the year 2017, the number of attacks per ICO has increased 10-fold. On average, more than 100 attacks are committed during the average ICO time, while attack vectors have ‘socialized’. There are more and more cases where cybercriminals use modified trojans that were previously used in bank thefts.

Learn more about the Lightcash project:

The post Group-IB Protects Lightcash Project’s “Golden ICO” appeared first on Crypto Currency Online.

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