A cybersecurity company based in Singapore, Group-IB issued a report recently, that reveals that there has been a rise in the number of crypto scams using fake domains has risen significantly in the first six months of 2022.
There has been a fivefold increase in the number of these domains and even though Russian registrars have been used for registering most of these campaigns, their goal is to reach Spanish and English-speaking crypto investors.
The first half of this year has seen the number of domains used for perpetrating crypto scams explode massively.
The Singaporean online security firm reported that there has been a fivefold increase in these domain numbers that are used to serve as welcome pages for scam streams on YouTube.
It is also interesting to note that almost 2,000 of these domains had been registered. These crypto scam websites attract their victims through the use of renowned personalities linked to cryptocurrency.
These include Nayib Bukele, the President of El Salvador, Cristiano Ronaldo, the famous soccer player, and other well-known crypto supporters, such as Elon Musk and Michael Saylor.
Russian companies are used for registering more than 60% of these fake domains, but they target crypto investors who speak in English and Spanish.
YouTube fake crypto stream market
There is an underground market that has resulted in the growth in the number of these scams, which is aimed at selling all software used for creating a fake crypto stream hosted on YouTube.
These streams receive a great deal of attention and most of them are able to record around 10,000 to 20,000 views.
This is because they use keywords, such as XRP, Shiba, Ark, and ETH. Group-IB said that the scammers who run these operations have several things at their disposal.
These include an exchange platform designed for YouTube accounts that are hacked, website editors, services for boosting viewers, manuals, domain names, people capable of creating deepfake videos, admin panel developers, bulletproof hosting, and various other tools.
Hackers are taking advantage of deepfakes because they function as tools that can be used for creating live holograms of employees of the exchange.
This can be used for fooling those representing token teams and it also allows them to collect fees through a possible listing opportunity.
Apart from that, these days it is also easy to find services that can be used for creating web pages and for luring people to these scams.
The company has already recommended that people should always be wary of crypto giveaways that sound too good to be true.
In addition, they have also instructed people to always verify any offerings and ensure that they are official before they engage with any of them.
In recent days, there have been too many crypto scams that have been conducted in the name of celebrities and they have made use of deepfakes and other software to accomplish this goal.
Most people do not realize the truth until it is too late and they have already suffered from losses.