As of this morning, the Clearify platform has officially launched its crypto address verification service which will allow, amongst other things, ICO investors to confirm that the contribution addresses to which they send their funds are genuine.
The product, which employs an underlying blockchain-secured registry, is provided to front-end users through either a Chrome plug-in, smart-phone app or, alternatively, through direct consultation on the Clearify website itself.
An Australian outfit, the team behind the anti-phishing tool have also gone into partnership with ICOAlert, currently the leading platform for ICO listings. As part of the partnership agreement, featured listings on the ICOAlert website will now require “Clearifed” status.
“This partnership ensures immediate high volume, high quality exposure within the crypto market and is the ideal partnership for Clearify in order to become the gold standard in cryptocurrency payment address verification,” stated Daniel Abela, project team leader.
Phishing Scams an “Endemic Problem”
Brought to market by the same team of developers behind the recent ClearPoll ICO, Clearify leverages the same underlying POLL token. However, users – including ICO project teams – will be offered the ability to pay with traditional fiat currency with the platform then executing the purchase of POLL tokens on the back-end to run the service.
Phishing scams have been a notorious problem for ICO project teams with high profile projects such as KICKICO, Enigma and Blockstack all having been the targets of attempts by hackers to divert funds from unwitting investors.
According to Investopedia, at least $225 million of investor funds were successfully redirected to hackers as a result of phishing scams in the ICO space in 2017. The usual method involves hackers erecting ICO imitation websites – usually with a similar URL to a bona-fide ICO project – which then list a false contribution address.
Alternatively, hackers may find a back door entry into a website’s server where they subsequently modify the files which generate the contribution address displayed on the website itself.
“When we were running the ClearPoll ICO sale, we were constantly vigilant that the contribution fund address that was appearing on our site was the correct one,” states Abela. “We were constantly having to ensure that the corresponding files on our servers that were generating those addresses were not being breached. That is, in essence, where the idea for Clearify came from – to give developers a chance to sleep at night!”
ICOs who are interested in signing up to the service can do so by following the submission process on the Clearify website itself.