It has been predicted that cryptocurrency scams are set to blow up after researchers reported a triple-digit improve in registered domains within the first half of 2022, in comparison with the entire of final 12 months.
Cyber safety service supplier, Group-IB mentioned that they’d detected over 2000 domains registered for use as pretend promotion web sites within the first half of this 12 months, revealing a 335% improve on the quantity recorded in 2021. Hence displaying a 5-fold improve in comparison with the second half of 2021 and a 53-fold rise as compared with H1 2021.
However, the seller claimed that many of the pretend websites goal English and Spanish language audio system, 63% have been registered with Russian registrars.
It has been reported that victims are lured to those websites through fraudulent YouTube streams that includes fashionable figures like Elon Musk, Brad Garlinghouse, footballer Cristiano Ronaldo and even El Salvador president, Nayib Bukele.
An statement reveals that all of them have a connection to crypto. Ronaldo lately signed a partnership with Binance, whereas El Salvador turned the primary nation to undertake bitcoin as its nationwide foreign money.
“The scammers used the footage of famous entrepreneurs and crypto enthusiasts to encourage users to visit a promotional website to double their crypto investment — by transferring crypto to the specified address or disclosing the seed phrase of their crypto wallet to receive even better terms,” Group-IB mentioned.
It seems that the YouTube accounts used within the scams are both hijacked utilizing devoted stealer instruments or purchased/rented on underground boards in return for a proportion of the stolen funds.
“Scams targeting crypto-enthusiasts are becoming increasingly common, and their scope and sophistication are growing,” mentioned Group-IB.
“Crypto-giveaway scams have evolved into a profitable illicit market segment. Small-time scammers and more advanced cyber-criminals band together, allowing them to automate and streamline operations.”
The similar safety vendor revealed, again in April this 12 months that one group of fraudsters managed to make almost $1.7m in simply three days after luring victims to go to pretend websites through 36 YouTube streams.