Crypto scammers stole $500K from wallets using Google Ads

A lesson to always check URLs carefully

A recent report from Check Point Research (CPR) revealed a new way for scammers to steal cryptocurrency: using fake ads that imitate wallet brands.

To lure victims, CPR has discovered that scammers now place Google Ads at the top of Google Search that imitates popular wallets and platforms, such as MetaMask, Phantom App, and Pancake Swap. Once someone clicks on the ad which is attached to a malicious link, they get directed to a fake website that looks identical to the genuine wallet website. From here, it is easy for users to fall into the trap and give up their wallet passwords and other information.

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CPR’s researchers started to notice these scams after seeing a large amount of crypto users complain about being scammed on Reddit and other forums. In a matter of just days, it is estimated that over $500k worth of crypto was stolen.

To avoid being affected by scams like this, always examine URLs closely before you click on them, and even better, avoid Google Ads results altogether and instead only look at search results.

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