Cryptocurrency Phishing Scams Steal $3 Million in 24 Hours Using Google Ads and Wallet Draining Software

Cryptocurrency Phishing Scams Steal $3 Million in 24 Hours Using Google Ads and Wallet Draining Software

Crypto News – In a recent surge of sophisticated phishing attacks, scammers have successfully siphoned off $3 million in cryptocurrencies within a mere 24-hour period. These nefarious actors have been leveraging Google Ads to lure unsuspecting cryptocurrency enthusiasts to counterfeit websites equipped with wallet-draining software, a tactic that has proven alarmingly effective.

Cointelegraph‘s report from December 21st highlights the alarming scale of this issue. Throughout 2023, scammers have exploited MS Drainer, a notorious wallet-draining tool, to amass a staggering $59 million in cryptocurrencies. Scam Sniffer, a prominent security firm, has shed light on the modus operandi of these fraudsters. They reportedly use Google Ads to deceptively redirect users to cloned versions of popular Web3 platforms, including Zapper, Lido, Stargate, DefiLlama, Orbiter Finance, and Radient.

another victim lost $880k worth of aEthWBTC to phishing scams about 11 minutes ago. https://t.co/yMM9OSzRDI https://t.co/6n6m0lZQK4 pic.twitter.com/jsrEGTaVJ8

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) December 26, 2023

On December 25th, Scam Sniffer flagged new incidents stemming from phishing sites connected to the identified scammers’ addresses, already documented in their extensive scam database. The firm confirmed to Cointelegraph that the Christmas Day attacks alone resulted in a loss of approximately $3 million. The stolen assets included diverse cryptocurrencies such as WBTC, aPolUSDT, aUSDC, and USDT, as evidenced by screenshots provided by the firm.

A Scam Sniffer spokesperson revealed that they had alerted Google Ads‘ security team about the ongoing misuse of their platform for promoting fraudulent sites and deploying wallet-draining software as early as April 2023. However, they have yet to receive a response.

These recent incidents serve as a stark reminder to the crypto community about the paramount importance of verifying the authenticity of websites and the legitimacy of transactions authorized through their Web3 wallets.

“Phishing scams currently pose the greatest threat to users,” the spokesperson from Scam Sniffer cautioned. “The best defense a user has is to meticulously verify every signature request.”

In an alarming revelation, Scam Sniffer’s latest report disclosed that a total of 10,072 fake sites employing MS Drainer were identified in 2023. This software has been instrumental in defrauding over 63,000 victims of nearly $58.98 million in cryptocurrencies, a fact corroborated by a dedicated Dune Analytics dashboard designed to track this malicious activity.