On Christmas Day, cryptocurrency scammers managed to siphon off a staggering $3 million from unsuspecting victims. Employing a tactic using Google Ads to direct users to fake websites equipped with wallet-draining software, these scammers continue to plague the cryptocurrency landscape with their malicious schemes.
The reported incidents of theft link back to MS Drainer, a tool responsible for pilfering $59 million worth of cryptocurrency throughout 2023. Utilising Google Ads as a lure, these attackers entice users into interacting with counterfeit versions of prominent Web3 platforms like Zapper, Lido, Stargate, DefiLlama, Orbiter Finance, and Radient.
Despite previous warnings, the security firm, Scam Sniffer, detected fresh cases associated with the same malicious entities on Dec. 25. These incidents resulted in the loss of $3 million, with cryptocurrencies like Wrapped Bitcoin (wBTC), Aave Polygon USDT (aPolUSDT), Aave USDC (aUSDC), and Tether being stolen in separate instances.
Notably, Scam Sniffer had alerted Google Ads about the ongoing promotion of fraudulent websites and the usage of wallet-draining software back in April 2023. Unfortunately, they are yet to receive a response from the platform, highlighting a potential loophole in the platform’s security measures.
This recent spate of phishing thefts serves as a stark reminder for cryptocurrency users to meticulously verify the authenticity of websites and transactions authenticated by their Web3 wallets. Scam Sniffer emphasised the critical need for users to scrutinise each signature request diligently to fend off these prevalent phishing scams.
According to Scam Sniffer’s recent report, they identified 10,072 counterfeit sites leveraging MS Drainer throughout 2023. The software, responsible for stealing nearly $59 million from over 63,000 victims, remains a persistent threat within the cryptocurrency space, as indicated by a Dune Analytics dashboard tracking its activity.
Source: X.com @realScamSniffer
As cryptocurrency scams escalate in sophistication, users must remain vigilant. Verifying the legitimacy of websites and transactions before engagement is pivotal in safeguarding assets. The alarming frequency of these incidents underscores the urgent need for collaborative efforts between platforms and users to fortify security measures and curtail such illicit activities.
The team has refuted allegations of generating excessive false positives, asserting instead that its efficacy was so pronounced that it led to the cessation of a crypto drainer due to sheer frustration.
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