Scammers managed to make off with over $500 000 in cryptocurrency using fake adverts according to estimates from Check Point Research.
The advertising was spotted last weekend and imitated popular platforms such as Phantom App, MetaMask and Pancake Swap. The adverts were placed at the top of Google Search using Google Ads. The advertising contained malicious links that once clicked directed users to a phishing website that imitated the real website.
“In a matter of days, we witnessed the theft of hundreds of thousands of dollars’ worth of crypto. We estimate that over $500k worth of crypto was stolen this past weekend alone. I believe we’re at the advent of a new cybercrime trend, where scammers will use Google Search as a primary attack vector to reach crypto wallets, instead of traditionally phishing through email. In our observation, each advertisement had careful messaging and keyword selection, in order to stand out in search results,” wrote head of products vulnerabilities research at Check Point, Oded Vanunu.
The scammers used similar URLs to those used by the platforms they imitated but of course these URLs were only meant to look like the actual URL. For example, scammers used phanton.app or even phantonn.app in place of the real phantom.app.
“The phishing websites where victims were directed to reflected meticulous copying and imitation of wallet brand messaging. And what’s most alarming is that multiple scammer groups are bidding for keywords on Google Ads, which is likely a signal of the success of these new phishing campaigns that are geared to heist crypto wallets. Unfortunately, I expect this to become a fast-growing trend in cybercrime. I strongly urge the crypto community to double check the URLs they click on and avoid clicking on Google Ads related to crypto wallets at this time,” added Vanunu.
All of this warrants reminding that before you input any sort of sensitive information, check the URL of the website you’re visiting.
This also highlights a problem with Google Ads in that anybody can advertise anything, even if its nefarious. As such, if you’re looking for a crypto wallet or exchange, it’s probably best to avoid the advertising altogether lest you get pulled into a scam.
