A number of web sites advertising cryptocurrency giveaway scams that entice innocent victims has increased by 300 percent in the first quarter of the year, Bitcoin pr news distribution service. They target the majority of English and Spanish users using fake celebrity names.
Security researchers from cybersecurity firm Group-IB have uncovered nearly 2,000 domains to be registered in 2022 exclusively to serve this use.
A report that was released today highlights that the number of fake giveaways using cryptocurrency has increased by five times when compared to the same time the previous year.
Each site has an average reach of around 15,000 people. If the data is accurate the scammers are targeting a group of around 30 million individuals. Top-level domains (TLDs) which are thought to be more secure (“.COM”, “.NET”) and “.ORG”) have also played a role in the popularity.
Group-IB has warned that scammers are using various video platforms to advertise fake giveaways during live streams, using fakes that include Elon Musk, Garlinghouse, Michael J. Saylor, Bitcoin press news distribution service ,and Cathie Wood. YouTube is the first on the list being followed by Twitch.
The streams that promote are from accounts that were taken over or rented by underground hackers, who earn between 10 to 50% of income, based on dimension that the account.
The more subscribers a channel has, more difficult it will be to block the channel, because it takes more reports to cause YouTube’s moderation system to be activated.
In addition, scammers have launched campaigns that feature images of the president from El Salvador Nayibb Bukele, who declared Bitcoin to be a legal form of currency in El Salvador, as well as the soccer star Cristiano Rolando, who entered into an agreement of exclusive cooperation in partnership with Binance during the heat of summer.
This indicates that fraudsters are quick to adapt to the latest developments in the field, and make use of the current environment to market authentic frauds.
Scams are simpler to setup
Group-IB says that the principal reason for the sudden increase of frauds using cryptocurrency of this season is the dramatic increase in the availability of tools to aid in the creation of scams, Bitcoin press release distribution service .
“The phenomenal growth of fake crypto giveaways can be explained by a significantly enhanced arsenal and availability of tools for crypto scammers, even with low technical skills,” says the cyber-intelligence company.
“Group-IB revealed that forums used by scammers make up a full-fledged marketplace that can help even first-time non-tech-savvy scammers carry out a crypto fraud scheme,” the researchers write.
The Russian-speaking forums provide a market exclusively for hacker YouTube accounts, boosts to the number of viewers services, in-depth instructions on how to setup scams, drag-and-drop websites creating platforms and bulletproof hosting services and deepfake tools for creating fake websites.
Furthermore, these forums serve as places for scam instructors as well as fake giveaway promotional specialists, as well as various service providers, meaning that scammers don’t require any experience to manage these campaigns.
Group-IB claims that a complete design for a crypto stream costs about $200. While the creation of a fake video featuring a famous celebrity could cost about $30.
Fake landing pages for giveaways cost between $200 to $600, while manuals are offered for sale for $100. Bitcoin press release distribution ,Fully automated toolkits cost between $500 and $1,500 per calendar month.
“Scams targeting crypto enthusiasts are becoming increasingly common, and their scope and sophistication are growing. Crypto giveaway scams have evolved into a profitable illicit market segment. Small-time scammers and more advanced cybercriminals band together, allowing them to automate and streamline operations.” IB Group IB
How do you ensure your safety?
Potential investors and those who are interested in digital assets should be aware of cryptocoin giveaways. Make sure to conduct an extensive review of the information behind these promotions before making any important information available.
If a promotion sponsored by a celebrity on YouTube seems too appealing the best method to determine whether it’s a fraud or not , is to verify the name of the channel and its history. In the event that it’s not an official channel, Bitcoin news distribution network , then the giveaway is probably fraudulent.
