November 17, 2017. Jibrel Network — the decentralized protocol for storing and transacting traditional financial assets on the Ethereum blockchain — began the public sale of its Jibrel Network Token (JNT).

And, as with many ICOs and token generation events, it garnered a lot of attention — not all of it the good kind, in this case.

Earlier that month, Jibrel announced that it was going to protect its assets with Hacken. Hacken is a tokenized marketplace that offers access to white hat, ethical hackers. It turns out that this was quite the prophetic move.

“Ten minutes before the token sale started, four phishing sites appeared,” Talal Tabbaa, cofounder at Jibrel Network, told VentureBeat. “These were either exact replicas or slight variations on our own site, with similar URLs.”

Each of these sites featured an Ethereum address that was owned by the scammers. Their hope? That unwitting investors would buy what they thought were JNT tokens, allowing them to make off with the funds and take that investment away from Jibrel.

There were a few things the scammers didn’t count on, however.

“Six months ago, you would have probably just invested,” Tabbaa said. “Now, thankfully, investors are smarter. In addition, we’re using and complying with ‘know your customer’ checks (KYC), which helps to ensure fraud is kept at a minimum.”

KYC is the process whereby a business identifies and verifies the identity of its clients, and it is used around the world as an anti-fraud mechanism and in anti-money laundering schemes.

The other thing the scammers didn’t count on was how…