Crypto scams soar, fake website domains surge 335%

Some researchers have found that the number of registered domain names in the first half of 2022 will explode compared to the whole of last year.

Group-IB said that in the first half of this year, it had detected more than 2,000 domain names registered as fake promotional websites. This is a 335% increase from the 2021 figure, a five-fold increase from the second half of 2021, and a 53-fold increase from the first half of 2021.

The vendor claims that while most fake websites target English and Spanish speakers, 63% are registered with Russian registrars.

Victims were drawn to these sites through fraudulent YouTube streaming, including Elon Musk, Brad Garlinghouse, footballer Cristiano Ronaldo and even El Salvador President Nayib Bukele, among others Popular characters.

They all have ties to cryptocurrencies. Ronaldo recently signed a partnership with Binance, while El Salvador became the first country to adopt Bitcoin as its national currency.

“Scammers use the lens of well-known entrepreneurs and crypto enthusiasts to encourage users to visit promotional sites to increase their crypto investments, receive better terms by transferring crypto to designated addresses or disclosing their crypto wallet mnemonics. said Group-IB.

YouTube accounts used in scams are either hijacked using dedicated stealing tools or bought/rented on underground forums in exchange for a percentage of the stolen funds.

“Scams targeting crypto enthusiasts are becoming more common and growing in scope and sophistication,” Group-IB said.

“Crypto giveaway scams have evolved into a lucrative illegal segment. Small scammers and more advanced cybercriminals have joined forces to allow them to automate and simplify their operations.

Back in April, the same security vendor revealed that a group of fraudsters made nearly $1.7 million in just three days after tricking victims into visiting a fake website through 36 YouTube videos.

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