Crypto newbies lose over $500,000 in phishing scams

Crypto newbies

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TL;DR Breakdown

• Metamask and other exchanges used for new crypto scams.
• Crypto newbies face a huge wave of crypto-scams with fraudulent ads.

The new virtual market is embroiled in many problems, where scams towards crypto newbies stand out. Researchers at Check Point Research recently suggested these cryptocurrency attacks have reached new places on the internet using Google Ads.

CPR agents suggest that many crypto scammers use diversion techniques using banner ads. This is why new crypto enthusiasts should be vigilant to avoid losing their money.

New scam method affecting crypto newbies

Crypto newbies

According to announcements by the CPR, a multinational investigative agency, crypto-scams have increased after the boom that tokens have caused worldwide. Crypto newbies will now have to watch out for Google Ads, where the scammer buys one service and links it to crypto wallet searches. These crypto wallets are the ones that the investor would use to buy, sell, store and exchange their tokens.

The research drew brokers to search for wallets like MetaMask and Phantom, used for investments in tokens like Ethereum and Solana. These wallets also serve for the NFT‘s creation, eventually published in a virtual auction.

When crypto newbies search for one wallet, they may click on a phantom website similar to the original website. Being almost certain they enter the cryptocurrency website, the user gives their data and deposits their funds. After the transaction is completed, the fraudulent website may fall out of nowhere or prevent users from accessing it.

These crypto scams are well crafted because attackers often create very similar sites to the originals. Even the CPR suggests that scammers use an identical URL so newbies to cryptos can fall for it. The agency points out that several Phaton App websites are scams like MetaMask, considering they are the most used exchange today.

Crypto scams rise with the price of tokens

Since last year the CPR has talked about virtual scams and how crypto newbies should take care of them. However, in 2020 the crypto-scams were minimal and did not involve using Google ads that could be undetectable.

But as cryptocurrencies grow in value, crypto scams are becoming a nightmare for enthusiasts and professional investors. According to the CPR, the increase in crypto scams has grown in 2021, leaving thousands of people without money. Many of these victims post their complaints on Reddit, indicating the alleged scam website.

Crypto newbies should be vigilant only on the internet and verify that the website they visit is legitimate. Google Ads can also be linked to other exchanges, including Binance.

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Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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