In a recent development, Google’s advertising platform, Google Ads, has been caught in controversy for inadvertently promoting a scam cryptocurrency website. According to a report by BleepingComputer, cybercriminals have exploited Google Ads to host a fraudulent version of the Whales Market, an over-the-counter cryptocurrency platform. This fake site tops Google search results as a sponsored link during airdrop events, misleading users to a phishing site designed to steal crypto assets.
Beware the New Scam Method
The scammers have created multiple deceptive domain names resembling the legitimate Whales Market, with one notable fake site being whaless.market. These sites mimic the look and function of the genuine platform to trick users into connecting their cryptocurrency wallets. Once connected, malicious scripts activate, draining the wallets of their contents. This method of scamming has added to other incidents where Google Ads was used to propagate fraudulent activities, including a significant scam that cost Mark Cuban’s hot wallet about $900,000 in cryptocurrency.
Details on the Fraud
The issues extend beyond individual cases. In December 2023, it was discovered that scammers used a service known as MS Drainer to steal roughly $59 million in cryptocurrency over nine months. They targeted victims by advertising fake versions of well-known crypto platforms such as Zapper and Lido through Google Ads. Despite these recurring schemes, Google has been actively combating such frauds. For instance, in April, Google took legal action against two Chinese nationals involved in promoting bogus cryptocurrency investments via the Google Play Store.
Points to Take into Account
- Examine the legitimacy of cryptocurrency platforms advertised on Google Ads.
- Ensure the security of your crypto wallets by verifying web addresses and platform credentials.
- Stay updated on the latest security measures to protect digital assets.
Wallet drainers have emerged as a significant threat within the Web3 ecosystem, with developers of notorious drainers like Inferno and Monkey announcing retirements after stealing millions. These incidents underscore the ongoing risks and the need for heightened vigilance in the cryptocurrency space.