Guarding Your Crypto: Insights on Scammers’ Deceptive Tactics
The expansion of the cryptocurrency industry has led to an increase in cunning tactics employed by scammers aiming to acquire others' digital assets.
A recent case brought to light involved fraudsters masquerading as journalists, highlighting the evolving sophistication of their methods.
SlowMist, a blockchain security firm, uncovered a deceitful ploy wherein an impostor attempted to seize accounts on the crypto social network friend.tech by posing as a journalist. Their scheme involved coaxing users into downloading malicious files, a revelation detailed in SlowMist’s Medium post dated November 13.
One instance highlighted in the post involved a user named Masiwei, who reported a fraudulent endeavor on October 14 targeting friend.tech for account theft. Claiming to engage in a two-hour conversation with an individual posing as a Forbes journalist, Masiwei became suspicious when asked to verify identity through a provided link to prevent impersonation.
Masiwei took precautionary measures by forwarding the link to SlowMist. Upon inspection, SlowMist’s security team identified malicious JavaScript code embedded within. The firm noted that the attacker aimed to dupe users into bookmarking the link, setting the stage for potential malicious activities. Subsequently, SlowMist issued a security alert.
READ MORE: Binance CEO Thwarts $12.5M Heist, Freezes Stolen Assets
Shortly after the alert, friend.tech user Double Wan reported asset theft, prompting intervention from SlowMist and crypto exchange OKX. Working together, they successfully intercepted the stolen funds, leading the scammer to react negatively, even mockingly “congratulating” the victim.
Additionally, another instance emerged involving the exploitation of someone’s identity to pilfer cryptocurrency. A scam video advertisement surfaced, purportedly featuring Ripple’s CEO, requesting XRP holders to send their tokens in exchange for double the amount—a scam outlined in a report by Finbold.
The shocking advertisement, blending a video of Brad Garlinghouse delivering a speech with an artificially generated voice-over, ran for 45 seconds on YouTube. This incident underscored the alarming ease with which scammers devise convincing methods to deceive cryptocurrency holders.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
