Security News > 2022 > September > Crypto giveaway scams continue to escalate

Group-IB has noted a fivefold increase in the number of domains used for crypto giveaway scams that involve fake YouTube streams in the first half of 2022.

Crypto giveaway scams have evolved into an illicit market segment with multiple services that aim to facilitate fraudulent operations.

The scammers used the footage of famous entrepreneurs and crypto enthusiasts to encourage users to visit a promotional website to double their crypto investment - by transferring crypto to the specified address or disclosing the seed phrase of their crypto wallet to receive even better terms.

On average, attracting a thousand viewers would cost scammers $100, while five thousand are priced at $200. A marketplace for crypto scams.

The growth of fake crypto giveaways can be explained by a significantly enhanced arsenal and availability of tools for crypto scammers, even with low technical skills.

"Scams targeting crypto enthusiasts are becoming increasingly common, and their scope and sophistication are growing," comments CERT-GIB. "Crypto giveaway scams have evolved into a profitable illicit market segment. Small-time scammers and more advanced cybercriminals band together, allowing them to automate and streamline operations."

News URL

https://www.helpnetsecurity.com/2022/09/19/crypto-giveaway-scams-continue-to-escalate/