Fake Apps Swindle Millions from Investors
The theft of cryptocurrency skyrocketed in 2022, this data was released by US federal law enforcement. According to the organization, dark web criminals amassed a huge fortune which they bilked from 244 individuals. The FBI revealed that more than $42.7 million worth of cryptocurrencies has been stolen in targeted cyber crime scams.
Most of the victims of these crimes are USA cryptocurrency investors. And as revealed by the FBI, the scams which total about $42,7 million were perpetrated on phony cryptocurrency platforms that the criminal hackers set up to defraud investors.
So far, a warning is currently being circulated by law enforcement officials about the cyber criminals that have defrauded mostly US investors. This was done to raise the alert about the phony crypto investing platforms that are fully controlled by dark web criminals.
Fake crypto apps download
The FBI stated that the victims that were defrauded were contacted by cunning cyber criminals, who make false claim about offering legitimate services for cryptocurrency investments. With their fake representation, they convinced US investors to download maliciously coded mobile apps, which are controlled by the hacking group.
In addition, the FBI warned that this false representation by hackers offering legitimate claims as crypto-currency investment services has been ongoing for many years. Convincingly, cyber criminals have profited a whole lot by utilizing this tactic with increasing success.
Cyber security analytics revealed that these dangerous threat actors created corporate names to carry out their scamming campaigns. In October and May 2022, the FBI agents discovered two corporations launched by the threat actors. October to November 2021, the thieves operated Supayos. And in May 2022, Yibit was discovered as a fake platform that defrauded several hundred investors of their cryptocurrencies.
Hackers controls victims’ accounts
By persuading targeted victims to download and install their fraudulent applications, the hackers were successful in getting the investors to send millions in cryptocurrencies to wallets they created on the fake apps.
In other cryptographic scams, the hackers disguised their operations as US financial institutions. This cryptocurrency hijack occurs between December 2021 and 7 May 2022; It was traced to victims that were swindled out of millions of dollars involving the top major crypto coins such as Bitcoin, Tether and Ethereum.
Thus, with the ongoing cryptocurrency scams, the FBI warned that scammers are actively preying on crypto owners, citing that hackers are pretending to be representatives for cryptocurrency exchanges and other popular payment platforms.
In a joint effort, the Securities and Exchange Commission (SEC) and FBI issued warnings in July 2021 of fraudsters, who are employing different tactics to defraud investors, with some even posing as brokers and advisors of renowned investment companies.