Tuesday, 18 June 2024
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Fraudsters steal $60 million in cryptocurrency on Google and X advertising

  • Crypto assets valued at millions of dollars through fraudulent advertisements on Google and X.
  • ScamSniffer has found that scammers are stealing cryptocurrency assets using “wallet drainers.”
  • ScamSniffer discovered that they have taken around $58.98 million from six3,000 victims.

Phishing scams have been utilized by cybercriminals to get cryptocurrency assets valued at millions of dollars through fraudulent advertisements on well-known platforms such as Google and X.

Researchers at the cybersecurity company ScamSniffer have found that scammers are stealing cryptocurrency assets using “wallet drainers.” One such drainer was found initially in a series of X phishing advertisements provided by ZachXBT, and subsequently in phishing Google search ads.

Google and X advertising

ScamSniffer used them to monitor 10,072 phishing websites between March and December of last year and discovered that over the course of those nine months, they have taken around $58.98 million from six3,000 victims.

By getting people to click on malicious links in fake adverts, a wallet drainer fools them into approving fraudulent transactions that steal digital assets.

Phishing scams that have recently surfaced on X that make use of the wallet drainer include a series of phishing advertisements known as “Ordinals Bubbles” and phony links pointing to well-known cryptocurrency sites like DeFiLlama and Lido.

The scammers have been using these drainers in a variety of ways, including phishing ads, supply chain attacks, phishing on Discord, phishing on Twitter, airdrop phishing, SimSwap attacks, DNS attacks, and email phishing, to continuously target regular users with phishing attacks, resulting in a large loss of assets.

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