Security News > 2023 > June > Beware: 1,000+ Fake Cryptocurrency Sites Trap Users in Bogus Rewards Scheme

A previously undetected cryptocurrency scam has leveraged a constellation of over 1,000 fraudulent websites to ensnare users into a bogus rewards scheme since at least January 2021.

"The scam works via an advanced fee fraud that involves tricking victims into believing that they've won a certain amount of cryptocurrency. However, to get their rewards, the victims would need to pay a small amount to open an account on their website."

Once an account is set up on the fake platform, users are requested to activate the account by making a minimal deposit worth 0.01 bitcoin to confirm their identity and complete the withdrawal.

"While relatively sizable, the amount necessary to activate the account pales in comparison to what users would get in return," the researchers noted.

All the fake websites belong to an affiliate "Scam crypto project" codenamed Impulse that's been advertised on Russian cybercrime forums since February 2021.

"The threat actor streamlines operations for its affiliates by providing hosting and infrastructure so they can run these scam websites on their own," the researchers said.

News URL

https://thehackernews.com/2023/06/beware-1000-fake-cryptocurrency-sites.html