Crypto currency scams continue to be a hot topic in the market. It appears that Google, through its online advertising platform Google Ads, is inadvertently promoting a malicious crypto website that directs users to a phishing site that consumes their crypto assets.
Beware the New Scam Method
BleepingComputer reports that threat actors have discovered a method to advertise a fake version of the over-the-counter (OTC) cryptocurrency platform Whales Market during airdrop events. The report indicates that the fake version is promoted as a sponsored link at the top of Google search results.
BleepingComputer also notes that malicious actors have registered multiple domain names mimicking Whales Market, including the currently inactive whaless.market. The fake version deceives users by copying the interface of the original Whales Market site, prompting them to connect their crypto wallets. However, once they do, malicious scripts are activated, and the victims’ wallets are drained of cryptocurrency.
This incident adds to similar events where scammers have used the Google platform to advertise deceptive services. One such instance involved an unidentified hacker withdrawing approximately $900,000 worth of crypto assets from a hot wallet owned by billionaire investor and Dallas Mavericks owner Mark Cuban.
Details on the Fraud
In December 2023, scammers used a wallet drainer service called MS Drainer to steal about $59 million worth of crypto from victims over the past nine months. The scammers targeted victims using fake versions of popular crypto sites like Zapper, Lido, Stargate, DefiLlama, Orbiter Finance, and Radient through Google Ads.
While the individuals responsible for this latest phishing campaign remain unknown, Google has been seen taking action against scammers. In April, Google, sued Chinese citizens Yunfeng Sun and Hongnam Cheung through the Google Play store for deceiving individuals with fake crypto investments.
Wallet drainer incidents have become a major issue in the Web3 ecosystem. In November 2023, the developer of Inferno drainer claimed to retire after successfully stealing more than $80 million from victims during the software’s lifetime. In March, the developer of Monkey Drainer also announced retirement after successfully stealing an estimated $13 million to date.
