The Bee Token has released a security statement relating to a recent phishing scam that saw potential investors in the ICO hit by collective losses of nearly $1m (USD). The Bee Token has raised around $10m so far, so this scam represents a potential loss in investment of around 10%.

The Bee Token is an ICO for the platform “Beenest”. Beenest uses blockchain technology to connect hosts and guests allowing them to find and let accommodation. The aim is to provide high-security, commission-free transactions that are secured by the blockchain, giving greater transparency and accountability to the rental market.

The phishing scam was relatively simple and low-tech. Fraudsters sent emails to potential customers using addresses ending in the Bee Token’s domain name, e.g. \"presale_regirstration@thebeetoken.com\" – note the misspelling. The email asked investors to send ETH to a number of ethereum wallets. According to Redditors, three of the wallets hold a collective value of $800K.

The Bee Token says that fraudsters obtained email addresses by hacking one of their third-party suppliers, rather than through a breach of The Bee Token’s own security protocols. They have now terminated contracts with their supplier. According to their security update, 1% of their customer base had their data compromised. However, there is some debate within the wider cryptocurrency community concerning this figure, which many say could be much higher.