ScamSniffer, a web3 anti-scam service provider, has revealed that over $4 million has been stolen from cryptocurrency users worldwide through phishing websites promoted on Google.
ScamSniffer, a web3 anti-scam service provider, has revealed that over $4 million has been stolen from cryptocurrency users worldwide through phishing websites promoted on Google. The service provider utilized data from Google Ads and blockchain analytic data to determine the alarming figure.
1/A recent surge in phishing scams via Google search ads has led to users losing approximately $4 million.
ScamSniffer has investigated multiple cases where users clicked on malicious ads and were directed to fraudulent websites.#PhishingScams #GoogleAds pic.twitter.com/vuKCgSuFnV— Scam Sniffer (@realScamSniffer) April 27, 2023
ScamSniffer has reported that in recent weeks, there has been a rise in the number of malicious adverts for phishing websites on Google Ads searches. These adverts lead users to fraudulent websites that ask users to provide their wallet login signatures, which in turn compromises their addresses.
These scams affected users of several DeFi protocols, websites, and companies, such as Lido, Stargate, Defillama, Orbiter Finance, and Radiant. The scammers often alter official URLs slightly, making it difficult for users to distinguish between legitimate and fraudulent links. ScamSniffer attributed most of these phishing websites to advertisers in Canada and Ukraine.
According to ScamSniffer’s report, the scammers use various tactics, such as anti-debugging techniques, to bypass Google’s ad inspection process. The tactics allowed them to display a legitimate website while Google reviewed their ads.
Based on on-chain data analysis, ScamSniffer estimated that over the past month, more than 3,000 consumers had lost $4.16 million through these fraudulent schemes. The anti-scam service provider tracked on-chain money transfers to exchanges and mixing platforms like SimpleSwap, Tornado Cash, KuCoin, and Binance.
A survey by Russian cybersecurity and antivirus company Kaspersky indicates that phishing attacks involving cryptocurrency are expected to increase by 40% year over year until 2022. The prediction was made following the discovery of over five million phishing attempts in 2017.
Meanwhile, the California Department of Financial Protection and Innovation (DFPI) has introduced a new tool called the DFPI Crypto Scam Tracker. The tool is designed to assist investors and consumers in conducting their due diligence and preventing potential loss or harm; the tracker provides information on detected crypto scams that the general public has reported. The DFPI collects hundreds of complaints annually; it plans to compile this information into the tracker.
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