Even with the crypto market experiencing a crash, crypto scams are still going strong. Phishing, in particular, is favored among cybercriminals.
According to the data analyzed by the Atlas VPN team, cryptocurrency financial service company blockchain.com is the most commonly phished crypto brand, with 662 phishing websites in the last 90 days. Blockchain.com is followed by crypto investing app Luno and proof-of-stake blockchain platform Cardano with 277 and 191 phishing pages, respectively.
The data is based on the information provided by the CheckPhish URL scanner tool from Bolster. The data features detected cryptocurrency phishing website numbers for the 90-day period that ended June 22.
Next on the list is Poloniex. The U.S. crypto exchange has had 72 phishing websites using its brand in the past three months.
Meanwhile, NFT marketplace Magic Eden and Bittrex, another U.S.-based crypto exchange, share the fifth and the sixth spots on the list with 67 and 65 phishing websites each.
Binance, one of the largest cryptocurrency exchanges in the world by trading volume is the seventh most phished crypto brand. In the last three months, its name was used on 59 phishing websites.
Binance is followed by Apex Crypto with 23 phishing websites in the last 90 days.
The rest of the brands in the top 10 include open-source cryptocurrency wallet software MyEtherWallet (21), Bitcoin wallet service Electrum (16), Australian cryptocurrency assets exchange BTC Markets (16), Japanese crypto exchange bitFlyer (9), and peer-to-peer crypto marketplace Paxful (9).
Other crypto brands used in phishing campaigns include a platform for institutional crypto investors Bakkt (6) and Singapore-based crypto exchange Bybit (1).
According to the FTC, scammers have lured out $329 million worth of cryptocurrencies in the first quarter of this year alone.
Since 2021, victims have lost over $1 billion in cryptocurrencies to scams. In total, $93 million was lost to business imposter scams in particular.
Moreover, $575 million were lost to investment-related fraud, $185 million due to romance scams, and $40 million to government imposters.
The fact that cryptocurrency payments are irreversible, uncontrolled by central authorities, and many newcomers are not very knowledgeable in how crypto works is why they are so convenient and popular with scammers.
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