Google Ads Accused of Promoting Counterfeit Crypto Site Siphoning User Funds
Summary:
Google Ads has been implicated in promoting a deceptive crypto site, presenting a counterfeit version of the Whales Market, an OTC cryptocurrency platform as a sponsored link. The site tricks users into connecting their wallets and then siphons off their crypto through malicious scripts. The incident follows several previous instances where scammers used Google's platform to circulate fraudulent services. Although the offenders behind this recent phishing scheme are yet to be identified, Google has already initiated lawsuits against crypto scammers, signaling its efforts to combat such fraud.
A deceptive cryptocurrency site that channels users to a phishing clone, aiming to siphon off their digital assets, seems to be sponsored by Google via its advertising platform, Google Ads, which allows businesses to display ads on Google's search engine results. Reputable technology news platform BleepingComputer's report revealed how nefarious actors managed to publicize a phony imitation of Whales Market – a known over-the-counter cryptocurrency exchange dealing with airdropped tokens – via Google Ads. The counterfeit site is apparently being put forward as a sponsored link atop Google's search results. Cointelegraph has confirmed that Google is currently showing the bogus Whales Market as an advertising link. Although a seemingly legitimate domain name is displayed on the search result, users are redirected to a [www.whaels.market] instead of the actual [www.whales.market] upon clicking.
The fraudulent version mimicks the authentic Whales Market website, tricking users into linking their digital wallets. However, upon doing so, harmful scripts are deployed, which proceed to drain the victims' cryptocurrency wallets. This incident mirrors numerous previous instances where fraudsters exploited Google's platform to peddle dubious services. A notable example is an unidentified hacker managing to extract nearly $900,000 in cryptocurrency from one of billionaire investor and Dallas Mavericks owner Mark Cuban's hot wallets.
In December 2023, Scammers executed a wallet-draining strategy called “MS Drainer” to extract almost $59 million in crypto from victims over a span of nine months. They utilized Google Ads to target victims with fake renditions of popular crypto sites like Zapper, Lido, Stargate, DefiLlama, Orbiter Finance, and Radient.
Despite the actual culprits behind this recent phishing onslaught remaining unknown, Google appears to be taking measures to combat these scams. In April, Google initiated legal proceedings against Chinese residents Yunfeng Sun and Hongnam Cheung for scamming people with fake crypto investments on the Google Play store.
Wallet draining services have escalated into a significant concern within the Web3 digital ecosystem. The developer behind the “Inferno” drainer declared retirement in November 2023, after reportedly stealing over $80 million from victims throughout the software's existence. Similarly, in March, the creator of “Monkey Drainer", having successfully stolen an estimated $13 million till then, also announced retirement.
Published At
4/19/2024 3:39:57 PM
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