If the mercurial nature of Cryptocurrency wasn't bad enough, scammers have now found a new way to take those wallet credentials from you.
As per Check Point Research (CPR), scammers placed ads on Google Search that imitated popular crypto wallets and platforms like Phantom or MetaMask. Once the advertisement was clicked on, it would redirect the victim to a website that copied the interface of the popular wallet brand and proceeded to procure their wallet login information.
CPR says that this has led to more than $500,000 in crypto currency being stolen over the weekend. CPR managed to locate 11 compromised wallets with $1,000 to $10,000 each but the scammers managed to withdraw some of the funds before they were discovered.
“In a matter of days, we witnessed the theft of hundreds of thousands of dollars worth of crypto," said Oded Vanunu, Head of Products Vulnerabilities Research at CPR.
"We estimate that over $500k worth of cyrpto was stolen this past weekend alone. I believe we’re at the advent of a new cyber crime trend, where scammers will use Google Search as a primary attack vector to reach crypto wallets, instead of traditionally phishing through email," Vanunu added.
Vanunu noticed that each fraudulent website contained "careful messaging and keyword selection" which allowed scammers to game Google Search and show up on top of the search results. The websites to which victims were directed to, were meticulously copied, right down to the imitation of the brand's messaging.
"Unfortunately, I expect this to become a fast-growing trend in cyber crime. I strongly urge the crypto community to double check the URLs they click on and avoid clicking on Google Ads related to crypto wallets at this time," said Vanunu.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
