Crypto Phishing Campaigns on Google and X Ads Drain $58M in 9 Months

Crypto Phishing Campaigns on Google and X Ads Drain $58M in 9 Months
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In a startling revelation, cybersecurity experts have uncovered a series of crypto phishing schemes that have siphoned off an estimated $58 million from unsuspecting victims. Over a span of just nine months, these malicious schemes have impacted over 63,000 individuals globally.

The phishing campaigns cleverly disguise themselves through Google search ads and X ads, luring in victims with the promise of legitimate cryptocurrency services. Once clicked, these ads lead to fraudulent websites that mimic well-known crypto wallets and exchanges. Unwitting users are then tricked into entering their private keys or seed phrases, which the attackers use to drain their cryptocurrency wallets.

A specific Wallet Drainer has been significantly utilized in phishing advertisements. This was initially detected in phishing ads appearing in Google search results. Subsequently, the same Wallet Drainer was identified in a series of phishing ads related to X, which were shared by an individual named ZachXBT.

Scam Sniffer Uncovers 10,072 Crypto Phishing Sites

Crypto Phishing Campaigns on Google and X Ads Drain $58M in 9 Months

In a recent analysis of advertisements on X’s feeds, it was discovered that almost 60% of the ads were being utilized for phishing purposes. From March until the present, Scam Sniffer has been tracking approximately 10,072 phishing websites that have been using these ads. 

By examining the on-chain data linked to these phishing addresses, it has been determined that they have illicitly acquired nearly $58.98 million from an estimated 63,210 victims in the past nine months. This alarming trend highlights the increasing sophistication of cybercriminals and the urgent need for heightened awareness and security measures among crypto users. 

Experts advise vigilance when clicking on ads and recommend verifying the authenticity of websites before entering sensitive information. As the crypto industry continues to grow, so does the target on its back.

Users are urged to use hardware wallets, enable two-factor authentication, and be skeptical of too-good-to-be-true offers found online. The staggering $58 million lost to these phishing campaigns serves as a costly reminder of the perils lurking in the digital world.


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