March 27, 2024
Google Ads Facilitate $3 Million Crypto Theft Spree on Christmas
Latest Cryptocurrency News

Google Ads Facilitate $3 Million Crypto Theft Spree on Christmas

Cryptocurrency scammers have struck again, making off with a staggering $3 million worth of digital assets within a 24-hour spree. The perpetrators utilized Google Ads to lure victims to malicious fake websites, employing wallet-draining software to siphon funds undetected.

This wave of attacks comes hot on the heels of a reported heist on December 21, where scammers exploited MS Drainer to pilfer an alarming $59 million in cryptocurrencies throughout 2023. Scam Sniffer, a cybersecurity firm, disclosed that the attackers leveraged Google Ads to entice unsuspecting crypto users into interacting with counterfeit versions of popular Web3 platforms. Among the targeted websites were Zapper, Lido, Stargate, DefiLlama, Orbiter Finance, and Radient.

Fresh incidents of phishing emerged on December 25, prompting Scam Sniffer to flag the malicious sites associated with the same attacker addresses in their comprehensive scam database. Confirming the losses, Scam Sniffer reported that approximately $3 million evaporated in separate incidents, involving WBTC, aPolUSDT, aUSDC, and USDT, as per screenshots shared by the cybersecurity company.

Despite notifying Google Ads security of the ongoing promotion of these fake sites and the use of wallet-draining software in April 2023, Scam Sniffer is still awaiting a response from the platform.

In the wake of these Christmas Day phishing scams, Scam Sniffer emphasizes the critical need for cryptocurrency users to exercise caution. Users are urged to meticulously verify the authenticity of websites and transactions authorized by their Web3 wallets, especially given the rising threat of phishing scams.

“Phishing scams are the top threat to the user now. To avoid them, as the user, the only thing we can do is verify each signature request carefully,” warned a spokesperson from Scam Sniffer.

The recent findings by Scam Sniffer highlight a concerning trend, with 10,072 fake sites identified throughout 2023 deploying MS Drainer. The malicious software has successfully drained $58.98 million from over 63,000 victims, as tracked by a Dune Analytics dashboard dedicated to monitoring its illicit activities. As cryptocurrency continues to gain popularity, the need for heightened vigilance and security measures becomes increasingly evident to safeguard users from such pervasive scams.

Image: Wallpapers.com

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