Entersoft – a New Weapon in the Fight Against ICO Scams?
Brisbane-based platform Entersoft is providing comprehensive security solutions for the ICO industry, saving these companies from the threat of hacks and scams.
Even though 2017 was the year of the crypto, the ICO industry enjoyed a major ripple effect. Startups were springing up and raising millions in just a few hours, or even minutes. Everybody wanted to be a part of the digital revolution, and rightly so.
However, along with this interest in ICOs, came the threat of hacks and cybersecurity breaches. In fact, according to Business Insider Australia, it is estimated that over $400 million has already been lost through hacks since 2015.
Entersoft Fighting ICO Fraud
Fraudsters are finding innovative ways to bypass these platforms’ security systems to get their digital hands on that cash, and this is exactly what Entersoft is helping to prevent. The Brisbane-based platform has been working hard combating ICO scams, including shutting down 24 phishing sites.
Founded by Mohan Gandhi and Paul Kang, Entersoft began offering ICO security services just last year. Gandhi touched on how these breaches could happen:
The majority of the hacks happen due to phishing scams through fake URLs and social media accounts, a lack of security around token sale websites or through exposing flaws in smart contracts.
They’ve assisted over 30 platforms to safely launch their ICOs. One of their latest clients, Havven, is touted as being the biggest ICO in Australia, raising $39 million in March this year.
How They’re Safeguarding ICOs
Entersoft makes use of anti-phishing and smart contract security to protect their clients. However, in order to fight fire with fire, they also employ white hat hackers. These cybersecurity experts, some of whom have a military background, use their combined experience of 40 years to test and improve the online security of these startups before their ICO launch.
Since last year, the Entersoft team has helped launch and secure ICOs worth $1 billion all over the world, and all without a single hack or security breach. In the words of Gandhi:
We have been able to successfully shut down these scams in all ICOs we have supported.
Australia Could be an ICO Hub
Gandhi also discussed how Australia has the potential to be to the go-to destination for ICOs:
With its highly-regarded financial services regulation, and other fintech-friendly policies, Australia should be a natural world destination for ICOs. Other countries have generally taken a neutral or hostile position to ICOs, while Australia has laid out a roadmap for how they can be undertaken. ICO fund-raises can bring significant investment into Australia, as they generally require cyber security and legal support, along with the need to construct a white paper and build technology platforms.
Despite the recent volatility in digital currencies, there is still huge global interest in ICOs with some many hundreds of these fund-raises expected across the globe over the next six months. This is an industry Australia should be chasing.
Awards and Big Clients
For such a relatively young business, Entersoft has already made quite a name for themselves. January saw them being voted as the 2017 FinTech Startup of the Year at the Financial Technology Awards in Hong Kong.
The platform has also been nominated for a few of FinTech Australia’s Finnie awards in the “excellence in cyber security”, the “establishing global market presence” and the “excellence in fintech support services” categories.
Well-publicized VR and AR platform, ImmVRse, will also be using Entersoft for their upcoming ICO.
Do you think that the ICO industry is suffering from a lack of security experts? Will we see more platforms like Entersoft enter the industry? Let us know in the comments below!
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