Amazon stole bitcoin from victims of a fake crypto investment scam
Topic: Amazon stole bitcoin from victims of a fake crypto investment scam
Friends, today we are going to talk about Amazon stealing bitcoin from victims of a fake crypto investment scam in this article. A new cryptocurrency-related scam is abusing the Amazon brand to deceive investors into handing over bitcoin (BTC). Friends, investing in cryptocurrency is as much an advantage as it is a disadvantage as cryptocurrency and digital token scams have become a common threat to investors and the general public today.
Even though regulators around the world are cracking down on fraud – through tax laws, securities offering registration, strict regulations surrounding cryptocurrency advertisements and initial coin offerings (ICOs), exit scams, rug pulling, and theft. It is yet to be closely monitored. You might be interested in cryptocurrency and now NFTs – continue to grow, providing a breeding ground for new scams on a daily basis.
Chainalysis estimates that fraudsters have received deposits of around $14 billion in 2021. Cybersecurity researchers at Akamai Technologies outlined a new, fraudulent campaign that is taking advantage of a fraudulent “make Amazon your own digital token” and Amazon’s name to promote its scheme. For this, cyber security researchers had created a campaign. in order to catch them.
Creating panic and encouraging victims to make hasty decisions are common tactics used in various scams, and this one is no exception. As you know, in the Amazon scheme, fraudsters have used a ‘time-sensitive’ lure to make people feel that they may miss out on a lucrative investment opportunity.
The campaign began by publishing fake social media posts among interested groups in the cryptocurrency space. If users click on a post, they are directed to a fake “CNBC Decoded” news website, which includes an article on the soon-to-be-released ‘Amazon Crypto Token’.
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Cyber attackers gave visitors about 30 seconds to read the fake release before they were automatically redirected to a domain offering pre-sale tokens. And email account verification and user profile creation will be required to sign up.
Akamai also states that the website contained social engineering techniques that presented a fake progress bar, and indicated that the tokens were about to be sold, adding pressure to the victim’s purchase decision.
At this stage, people were asked to pay for pre-sale tokens with their own cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). Since the tokens do not exist, these funds ended up in the wallets of the attackers.
And it also introduces another lure, a fake referral program that promises rewards when users refer friends and family. This can extend the reach of token scams without any effort on the part of attackers.
Victim engagement
Overall, the majority of visitors to Fake Token landing pages were using mobile devices (98%). The distribution of mobile operating systems in use is fairly similar, but Android leans toward handsets (56%), followed by Apple iOS (42%).
Geographic analysis of campaign victims shows that 29% were in North America, 35% in South America, and 27% were located in Asia. The fact that victims are evenly distributed across these continents shows that this is a global campaign not targeting specific geographic locations.
The researchers commented, “Based on our research, we anticipate that crypto scams will continue to carry out a number of nefarious activities in the 2022 threat landscape.” Akamai has reported its findings to Amazon.
An Amazon spokesperson said: “We take any attempt to abuse our brand seriously. And also state that we maintain a site to assist customers in identifying scams in fake web pages. This is how it is told whether an email, phone call, text message, or webpage is actually from Amazon. So that people are safe.
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