The new crypto fraud: Scammers used Google Ads to steal crypto currencies worth $500,000

Users get scammed and their crypto’s get stolen by a new hacking method through Google Ads

November 8, 2021

Cybercriminals used Google Ads to steal crypto currencies

There is a new kind of crypto fraud investors should be on the lookout for. The scammers are using Google Ads to steal crypto wallets.

Just a couple of days back, Check Point Research (CPR) reported on Monday that more than $500,000 worth of crypto currency was stolen in a matter of days.

In a matter of days, the scammers stole crypto currencies worth $500,000 by making use of Google Ads.

Lately, crypto currencies witnessed rapid adoption across the world, especially in India.

Scammers are placing ads at the top of Google Search that imitates popular wallet brands, such as Phantom and MetaMask, to trick users into giving up their wallet passphrase and private key, the CPR said in its report.

Each advertisement contained a malicious link that, once clicked, directed a victim into a phishing website that copied the brand and messaging of the original wallet website.

From here, the scammers tricked their victims into giving up their wallet passwords, setting the stage for wallet theft.

Traditionally, phishing campaigns originate in emails.

Oded Vanunu, the Head of Products Vulnerabilities Research at Check Point, said in a statement that just within a few days, they witnessed the theft of hundreds of thousands of dollars worth of crypto.

They estimate that over $500k worth of crypto was stolen this past weekend alone.

He warned, “I believe we’re at the advent of a new cybercrime trend, where scammers will use Google Search as a primary attack vector to reach crypto wallets, instead of traditionally phishing through email.”

Hacking groups are always looking for open windows to gain quick profits from crypto domains since it’s very hard to get back the stolen money. Hacking groups always seek very “innovative” ways to trick users on the crypto market.

In what appears to be a new trend, multiple scamming groups are now bidding for wallet-related keywords on Google Ads, using Google Search as an attack vector to target victims’ crypto wallets, the report noted.

The crypto industry in India claims to have over 10 crore users with an investment of over Rs.6 lakh crore, making it a major asset class.

[With Inputs from IANS]

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