Cryptocurrency has recently gained huge popularity among netizens. However, this has also drawn cybercriminals to various crypto platforms and their users for malicious intents and purposes.
What’s up?
Scammers have taken to leveraging Google Ads to steal cryptocurrency wallets. Check Point Research has estimated that more than $500,000 worth of cryptocurrencies were stolen in just a matter of days. The scammers put Google Ads mimicking popular platforms and wallets on the top of Google Search. The ads contained malicious links, which would redirect targets to a phishing website. Eleven accounts have been compromised, to date, each of them including funds between $1,000 and $10,000.
Why this matters
While emails are conventionally the medium for phishing, this incident has shown a new trend among scammers. They are now placing bids on wallet-related keywords on Google Ads, in which Google Search is being used as an attack vector.
Some other crypto incidents
- DeFi platform bZx lost around $55 million in various cryptocurrencies after a developer fell prey to a phishing attack. Approximately 25% of the losses have been incurred by the team wallet.
- Hackers have been found requesting money from unsuspecting users by asking them to pay via a rogue QR code. The FBI even issued a warning against fraud schemes employed by scammers involving crypto ATMs and QR codes. This makes it challenging for victims to recover their money.
Actions taken
Law enforcement has started taking strict actions against cybercriminals as evident from the latest ransomware gang shutdowns. However, steps to curb cryptocurrency theft have been taken as below:
- A U.K individual was charged with the theft of $784,000 worth of cryptocurrency by hacking the Twitter accounts of celebrities and politicians.
- The U.S. Treasury Department sanctioned the Chatex cryptocurrency exchange for assisting ransomware gangs dodge sanctions and aiding in ransom transactions.
The bottom line
New phishing campaigns are being introduced by cybercriminals to conduct crypto heists. Experts expect this trend to continue and expand in the near future. It is recommended that cryptocurrency users double-check the URLs before clicking and currently, avoid clicking on crypto wallets in Google Ads.
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