Tag: crypto scam

Crypto Fraudsters Exploiting Ads on Google Search Results for Scam Websites: Expert

Crypto scammers, who hunt for unsuspecting victims on various social networking platforms, are now expanding their footprint to the Google search engine. Preying on people’s tendencies to interact with advertisements on Google, these scammers are now tapping into the popular search engine to facilitate their own malicious crimes. This week, an individual lost $900,000 (roughly Rs. 7.4 crore) via an ad phishing scam, Web3 tracker Scam Sniffer recently identified. The incident set the alarm bells ringing and a deeper dive into the subject revealed some shocking details.

A cyber researcher, who goes by the username of @0xngmi on X, has sounded an alert about crypto criminals scamming people using legitimate sites on Google. 0xngmi is a researcher with Web3 firm DeFiLlama.

These cyber criminals are purchasing advertisements for real sites on Google. When potential victims engage with the links, they are sent to ‘kochava.com’, which is an ad network that later redirects people to fabricated scam websites.

The researcher posted a screenshot on X showing how the DeFiLlama website itself was being mimicked by impersonators. The scam website was identified by a ‘Sponsored’ tag displayed above the website, showed 0xngmi’s screenshot.

DeFiLlama has reported the ad and the ad network to Google several times. “But Google has failed to take any action,” the researcher posted as part of their X thread. The search engine giant has not yet responded to these concerns.

For other members of the crypto community, however, 0xngmi has suggested installing an ad blocker to prevent users from being exposed to fishy advertisements.

Crypto investors have lost up to $4 million (roughly Rs. 35 crore) by engaging with hoax links, sprawled all over the web, ScamSniffer said in a recent report.

Back in October 2022, Binance CEO Changpeng Zhao called Google out for not getting rid of scam sites from search results, thus exposing people to financial exploits on a daily basis.

Despite repeated complaints, Google has not released a statement or solution addressing the concerns.

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Thailand Blames Facebook for Getting Thousands Duped to Crypto Scams, Plans Legal Action

Thailand is displeased with Facebook for not adequately monitoring and eliminating the circulation of risky financial schemes on its platform. As per Thailand’s ministry of digital economy, over 2,00,000 Thai nationals have been duped via Facebook where scammers lured them with crypto schemes and auctions for high returns, among other scams. The authorities of the Asian nation are now planning to seek legal intervention to get its concerns addressed. The Thai government fears that such scams circulating on Facebook pose a serious threat to the national economy.

Chaiwut Thanakmanusorn, Thailand’s Minister of Digital Economy and Society (DES), believes that Facebook should be restricted in the country for the time being.

“The Ministry has sent a letter asking Meta and Facebook to solve such problems. DES is in the process of compiling evidence from the offenders on the Facebook platform to send the court,” an official statement from the DES said.

Thailand authorities claim that Facebook is letting its nationals get exposed to financially risky content. Cyber thieves are luring victims with crypto investment suggestions, getting them to trade in digital coins, and manipulating them to engage with malicious websites — all via Facebook.

Over 2,00,000 Thai nationals have collectively lost THB 10,000 million (roughly Rs. 2,370 crore) owing to these cyber scams, the authorities have said.

Since crypto transactions are largely anonymous, many cyber criminals prefer to steal assets in the form of cryptocurrencies. This helps them dodge and evade law enforcement agents trying to find a trail to the stolen funds.

As per Web3 security firm Beosin, total losses from hacks, phishing scams, and rug pulls in Web3 has already reached $655.61 million (roughly Rs. 5,420 crore) in the first half of 2023.

Statics firm Triple-A estimates that over 6.2 million people making for 9.3 percent of Thailand’s total population currently owns cryptocurrency.

The government there, hence, wishes to ensure that no mainstream social networking platform like Facebook expose users to such scams.

“If Facebook wants to do business in Thailand, it must show responsibility to Thai society. In the past, the ministry has been in talks with Facebook all the time. However, the Facebook did not screen advertisers, causing damage to Thai people,” said Chaiwut.

Other platforms like LinkedIn, Threads, and X have also emerged as hotspots for crypto scammers in recent times.

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