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Loading fake wallet apps on search engines is why many people lose coins.
According to <a href="https://mp.weixin.qq.com/s/NEmwSha1QsI_zuCwTQTLMw" target="_blank" rel="noopener noreferrer nofollow">Bitrace</a>, Telegram often implements malicious backdoors that identify surrogate addresses and cause funds to be sent to malicious addresses.
The reason is that the anonymous nature of the blockchain network makes it difficult for ordinary investors and investigators to establish a connection between an on-chain address and a real person. Thereby, they miss the opportunity to freeze losses promptly.
<blockquote class="wp-block-quote">
 “Investors and investigators need to consider how to perceive threats before risky activity occurs, and monitor and promptly recover losses after they occur.” <cite>Bitrace</cite>
</blockquote>
Experts note that various search engines are fertile ground for the proliferation of fake websites. Fraudsters use SEO and SEM to promote phishing links online.
You might also like: <a href="https://crypto.news/how-blockchain-security-experts-investigate-hacks-interview/" rel="noopener noreferrer nofollow"> How blockchain security experts investigate hacks | Interview </a>
Clipboard hijacking is another classic attack method in which malware takes control of the clipboard on the victim’s computer and turns its contents into malicious content without the victim’s knowledge.
Cryptocurrency investment scams often use “high returns and low risks” to lure users into investing.
To add credibility to this type of scam, the audience is asked to download well-known software such as OKXweb3 Wallet and Trust Wallet and claims that such activities are supported by institutions such as <a href="https://crypto.news/tag/okx/" data-type="link" data-id="https://crypto.news/tag/okx/" rel="noopener noreferrer nofollow">OKX</a> and <a href="https://crypto.news/tag/binance/" data-type="link" data-id="https://crypto.news/tag/binance/" rel="noopener noreferrer nofollow">Binance</a>.
In conclusion, experts advised users to monitor suspicious transactions to avoid falling for scammers carefully.
Previously, a report from the startup Immunefi <a href="https://crypto.news/crypto-losses-reach-685m-in-q3-amount-to-1-3b-in-2023/" rel="noopener noreferrer nofollow">showed</a> that in the third quarter of 2023, the cryptocurrency market suffered losses of $685 million. Compared to 2022, the number of fraudulent schemes decreased by almost 24%. At the same time, the main attack vectors fell on two blockchains: <a href="https://crypto.news/price/ethereum/" data-type="link" data-id="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> (42.7%) and <a href="https://crypto.news/tag/bnb/" data-type="link" data-id="https://crypto.news/tag/bnb/" rel="noopener noreferrer nofollow">BNB</a> Chain (30.5%).
You might also like: <a href="https://crypto.news/scammers-exploit-bitcoin-etf-hype-with-fake-ibtc-token/" rel="noopener noreferrer nofollow"> Scammers exploit Bitcoin ETF hype with fake IBTC token </a>

Report reveals reason why wallet users lose crypto

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