A report published by Group-IB, a Singaporean cyber security company, found that the number of cryptocurrencies using fake domains exploded during the first half of 2022. The number of these domains grew fivefold, and most of these campaigns, although registered with Russian registrars, are designed to reach English and Spanish-speaking crypto investors.
Domains Associated With Crypto Scams Grown In H1 2022
The number of domains that are used to commit cryptocurrency scams has increased during the first half of 2022. According to a report published by Group-IB, an online security company in Singapore, the number of these domains that are used as welcome pages. for Youtube fraudulent streams, grew fivefold during the first half of this year. More than 2,000 of these domains have been registered.
Most of these phishing sites use the names of famous personalities related to cryptocurrency to attract their victims. Among them are the President of El Salvador, Nayib Bukele, and famous soccer player Cristiano Ronaldo, along with other well-known supporters of cryptocurrency such as Michael Saylor and Elon Musk.
More than 60% of these domains are registered through Russian companies but are aimed at Spanish and English speaking communities of cryptocurrency investors, which are their main targets.
Youtube Fake Crypto Stream Market
The growth of this type of fraud is possible due to the existence of an underground market dedicated to selling all the software necessary to establish a fake cryptocurrency hosted by Youtube, and the high level of attention that these streams receive. Most of these manage to reach an average of 10,000 to 20,000 viewers, attracted by keywords such as ETHArk, Shiba, and XRP among others. About that, Group IB stated:
Fraudsters have the following at their disposal: an exchange platform for hacked YouTube accounts, viewer booster services, manuals, website editors, admin panel developers, domain names, bulletproof hosting, and tools and people who can create deep fake videos.
Deepfakes have become effective tools for hackers, who have even managed to create live holograms of exchange employees to deceive representatives of token teams and collect a fee for a possible listing.
There are also services to create these web pages and the art to attract people to invest in these scams. The company recommends users to remain vigilant about too-good-to-be-true crypto gifts, and always verify that the sources promoting these are official.
What do you think about the latest explosion in domains promoting cryptocurrency scams? Tell us in the comments section below.
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