$50 million Bitcoin phishing scam unearthed: Spread with Google ads, targeted blockchain.info wallets

$ 50 million Bitcoin phishing scam unearthed. Cisco and cyber police of Ukraine have unearthed a fishing scam worth the $50 million. The scam was running from a period of 3 years. It was a Bitcoin phishing ring.

Scam through advertising:

Talos which is the threat intelligence team of Cisco uncovered the software by the name of COINHOARDER which was being spread through the Google advertisements. It targeted the wallets of blockchain.info. It generated over 0.2 million search queries.

The aim of the advertising was to impersonate blockchain.info wallet by choosing the domain names which closely resemble it. A similar graphic user interface was also created.

The details of the users who tried to use this wallet were passed on to the hackers. The cyber police of Ukraine helped identify the wallet addresses of the hackers. Moreover, according to the Cisco team, around $ 10 million were stolen from September 2017 to December 2017.

As one of the domains of the hackers was disclosed, Cisco started associating others with the help of DNS. This led to the discovery of the entire range of IP addresses which was associated with the scam. The phishing scams on the cryptocurrency world are pretty prevalent.

Some of the scams involve wallets whereas others involve mining accounts. The users need to be more careful and aware in order to ensure that they are able to keep away from such scams.

Precautions to undertake:

Whenever you are signing up for any cryptocurrency exchange, you have to monitor the domain name. Once you are able to verify the domain name, thereafter only you have to login or sign up on the website. Moreover, you have to stay away from third-party applications or any email account or sharing the wallet IDs of the company. You have to verify with the official social media accounts of the company. Once you are able to do that, thereafter only you have to conduct any transactions. The official verification from the company can help you save your hard earned money.

It is high time that visitors, as well as cryptocurrency investors, are more careful in conducting transactions. If the visitors are more careful, most of these scams will not be successful.

The next time around you’re thinking of conducting any cryptocurrency based transaction, do make sure that you are following these few tips. They will keep you safe and ensure that you are able to stay away from cryptocurrency scams.

Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.


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