Indian crypto investors have lost $128 million due to fake exchanges and wallets
Indian crypto investors have lost $ 128 million in sophisticated phishing scams, including fake crypto exchanges. This scheme has been revealed According to cybersecurity firm CloudSEK, this operation involves malicious domains and Android applications.
Rahul Sasi, CEO of CloudSEK, said:
According to the report, many of the fake websites spoofed as CoinEgg, a UK-based crypto exchange.
“This massive campaign seduces careless individuals into giant gambling scams. Many of these fake websites are spoofing the legitimate UK-based cryptocurrency trading platform, CoinEgg. increase.
This scam works by a scammer who buys a domain name that is very similar to the website you want to impersonate. Then build a website that is visually similar to your target website, from front-end design to user dashboards.
Potential victims are discovered via social media where scammers create fake accounts using women’s names and profile pictures. They use these accounts to convince unsuspecting users to trade and invest in cryptocurrencies through fake exchanges. A $ 100 credit will be provided to get users to join the fake trading platform.
“This profile also shares a $ 100 credit as a gift to a particular crypto exchange. In this case, it’s a copy of a legitimate crypto exchange,” the report said.
According to the report, victims usually profit from free credit and persuade them to use the platform to trade large amounts of their money. This is done in the hope of even higher returns.
As soon as the victim deposits their funds on a fake exchange, their accounts are frozen and fraudsters withdraw money from the platform. Fraudsters go one step further by impersonating investigators when victims complain about losing access to their accounts. Fraudsters can get even more benefits by pretending to be investigators and asking victims for personal information and bank details.
“We require victims to provide sensitive information, such as ID cards and bank details, by email in order to acquire frozen assets. These details are to perform other malicious activities. Will be used for, “warned the report.
Cryptographic scams have plagued the industry for years, and scammers have become very active this year. In April $ 114 million stolen From the hacker’s Ronin Bridge at Axie Infinity, it’s worth over $ 1.5 million last month Moonbirds NFT stolen Through a phishing attack.
