Scammers Drain $59 Million in Crypto Using Google Ads
A recent report by blockchain security firm Scam Sniffer revealed that scammers have managed to siphon around $59 million worth of crypto from victims using a wallet-draining service called “MS Drainer.” The scam operated through Google Ads, targeting individuals with counterfeit versions of popular crypto platforms like Zapper, Lido, Stargate, DefiLlama, Orbiter Finance, and Radient.
Introduction of MS Drainer
The report highlighted that Scam Sniffer first identified MS Drainer in March of this year, with assistance from the SlowMist security platform. The scammers used regional targeting and page-switching tactics to evade Google’s ad audits, enabling them to post fake ads as part of a phishing scam. They also employed web redirects to mislead users into thinking they were accessing official websites.
63,000 Victims
Scam Sniffer discovered 10,072 fake sites employing MS Drainer during its investigation. The drainer extracted nearly $59 million worth of crypto from over 63,000 victims. The peak activity of the scam occurred in November before declining.
Scamming as a Service
The developer of MS Drainer sold the scamming tool on forums for a flat fee of $1,499.99. Additional “modules” were offered at varying prices. This highlights the alarming trend of scammers providing their services as a product for others to exploit unsuspecting victims.
Hot Take: Scammers Exploit Google Ads to Drain Millions in Crypto
The use of Google Ads as a platform for crypto scams is a concerning development in the world of cybersecurity. Scammers have managed to drain millions of dollars from unsuspecting victims by using counterfeit versions of popular crypto platforms. The fact that these scams were able to evade Google’s ad audits and mislead users with web redirects is a clear indication of the sophistication and persistence of these scammers. It is crucial for individuals to exercise caution when engaging with online advertisements and to verify the authenticity of any crypto platform before making any transactions. The rise of scamming as a service, as seen with the sale of the MS Drainer tool, further underscores the need for increased awareness and vigilance in the crypto community.
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