HomeNewsScammers on a Crypto-Stealing Spree

Scammers on a Crypto-Stealing Spree


Last Updated on 22/11/2021 by Sunaina

Cryptocurrency has lately grown in popularity among internet users. This, however, has attracted fraudsters to numerous crypto platforms and their users for harmful intentions.

Scammers are using Google Ads to steal bitcoin wallets. According to Check Point Research, more than $500,000 in cryptocurrencies were taken in only a few days. Scammers placed Google Ads that looked like major platforms and wallets at the top of Google Search. The advertisements featured malicious links that would send users to a phishing website. To date, eleven accounts have been hacked, with cash ranging from $1,000 to $10,000 in each.

While emails are often used for phishing, this event demonstrates a new approach among fraudsters. They are currently bidding on wallet-related keywords on Google Ads, using Google Search as an attack vector.

After a developer fell victim to a phishing attempt, the DeFi platform bZx lost around $55 million in various cryptocurrencies. The team wallet is responsible for around 25% of the losses.

Hackers have been caught demanding money from unwary customers by instructing them to pay using a bogus QR code. The FBI even issued a warning about criminals’ use of crypto ATMs and QR codes in their fraud operations. This makes it difficult for victims to reclaim their funds.

As seen by the recent ransomware gang shutdowns, law enforcement has begun to take rigorous action against hackers. However, the following actions have been made to reduce bitcoin theft: A person from the United Kingdom has been accused of stealing $784,000 in bitcoin by hacking into the Twitter accounts of celebrities and politicians. The Treasury Department of the United States sanctioned the Chatex cryptocurrency exchange for supporting ransomware groups in evading sanctions and facilitating ransom transactions.

Cybercriminals are launching new phishing tactics in order to carry out crypto heists. This tendency is expected to continue and increase in the foreseeable future, according to experts. It is advised that cryptocurrency users double-check the URLs before clicking, and that they avoid clicking on crypto wallets in Google Ads at the moment.

A tech enthusiast, with a mission to report data breaches, fraudulent practices, dark pattern practices, and updates. She is also frequently fascinated by fintech and unicorns.
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