A hacker has tricked Experty ICO participants into sending Ethereum funds to the wrong wallet address. He was able to do this by sending emails with a fake pre-ICO sale announcement to Experty users who signed up for notifications.
An ICO (Initial Coin Offering) is similar to a classic IPO (Initial Public Offering), but instead of stocks in a company, buyers get tokens in an online platform. Users can keep the tokens until the issuing company decides to repurchase them, or they can sell the tokens to other users for Ethereum.
Companies use ICOs to raise funds for projects they want to launch but for which they can't get backing in the financial system.
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