Main Types of the Most Popular Hacking Attacks During IDO
Dima Dimenko is the co-founder of 111PG, a community of crypto protection-focused Ukrainian white hackers.__________
Hacking attacks can cause massive financial and reputational damages during the Initial Dex Offerings (IDOs). This is why protection against these types of attacks should be a priority of the token issuers. The preventative measures allow for minimizing the risks related to these attacks.
Understanding the main types of attacks allows for developing the most effective protection tools.
Cyber security focuses on stability by eliminating or preventing potential threats. At the same time, it differs from the other types of security based on the range of risks. Cyber security during the IDOs adds the financial component to the mix. Such an approach offers better protection to the parties involved.
The case of Polygonum-online shows the scale of potential dangers. The project requested protection from 111PG during its IDO on PancakeSwap. The security measures provided by 111PG stopped sniping bot attacks at [USD] 1.75 million. The other similar cases saved companies between [USD] 90-300 thousand.
Projects and companies undergoing IDOs may incur reputational losses. These losses could lead to significant operating disruptions along with losing future funding opportunities. A business could also worsen its relationship with its users.
Preventing these attacks means taking specific steps. Each step should address a particular type of attack.
It is possible to divide these attacks into three main categories. These categories are sniping bots, front-running bots, and sandwich attacks.
A sniping bot is a script seeking new listings on several or a single automated market maker (AMM). It can operate on any type of
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