ScamSniffer, a platform dedicated to detecting fraudulent activity online, has recently reported that users have lost more than $4 million in just one month as a result of falling prey to cryptocurrency phishing scams.
The creators of these malicious sites have been utilizing Google Ads, a contextual advertising service, to disseminate their scams.
ScamSniffer analysts have discovered that, in recent weeks, Google searches have been flooded with ads promoting these dangerous pages.
Unfortunately, many users are unaware that these ads may be fraudulent and end up clicking on the first cryptocurrency site that appears in their search results.
These attackers are posing as decentralized protocols and reputable crypto companies, such as Zapper.fi, Lido, Stargate, DefiLlama, Orbiter Finance, and Radiant.
They use URLs that are very similar to the official website addresses of these companies, often making only minor changes, making it difficult for users to discern between the real and fake sites.
On these phishing sites, users are asked to provide login details to their crypto wallets or accounts under the guise of participating in a legitimate crypto project.
These details are then used by the scammers to steal the victim’s crypto assets.
Unidentified individuals who advertise on these fraudulent sites use a variety of methods to bypass Google’s ad verification, including manipulating the Google Click ID parameter, which allows them to display a normal web page while showing Google ads.
In the past month alone, ScamSniffer reports that more than $4.16 million has been stolen from over 3,000 users.
The attackers have transferred the stolen funds to a variety of different services and exchanges, including SimpleSwap, Tornado cryptocurrency mixer, KuCoin, and Binance.US.
According to ScamSniffer analysts, the average cost per click for these ads is around $1-2, with an estimated conversion rate of 40% from the 7,500 users who clicked on the ad.
As a result, the cost of advertising is roughly $15,000, and the return on investment reaches an alarming 276%.
Kaspersky Lab has also warned about the increasing number of cryptocurrency phishing scams, with the number of attacks tripling in Azerbaijan over the past year.
It’s important for users to remain vigilant and avoid clicking on suspicious links or providing personal information to unknown sources.