$10 Mln in Ethereum Stolen Over Past Year via Social Engineering Tricks: Kaspersky 18289
Roshni Vayyapuri
Jul 13, 2018 at 2:12 AM

Cybersecurity experts of Kaspersky Lab have reported that cybercriminals have stolen more than 21,000 in Ethereum (ETH) worth around $10 million through social engineering methodology over the past year.

As per the reports, from early 2018  cybercriminals have triggered more than a hundred thousand alarms on security software in association with cryptocurrencies.

Kaspersky Lab reports that scammers used fake websites and phishing emails that contain an e-wallet number to trick their targets out of money. Tricksters single out investors who are interested in Initial Coin Offerings (ICO).

The report states that the criminals have stolen more than $25,000 worth of crypto by posting a fake offer on a Twitter account alleged to be associated with the ICO though non regulated channels like Switches ICO.

The fabricated  “cryptocurrency giveaway "  scam is another notable social engineering scam where victims are promised to give a higher payout of the same cryptocurrency later in return for a  small sum of cryptocurrency collected now.  For this scam, fake social media accounts pretending to be those of well-known personalities like business magnate Elon Musk and Telegram founder Pavel Durov used to popularise cryptocurrency giveaway.

See also: Panic selling post India’s central bank ban opens door for cryptocurrency arbitrage.

According to Nadezhda Demidova, the lead web content analyst at Kaspersky Lab, the attack patterns continue to evolve, making it impossible to protect against them easily. Demidova also notes that cryptocurrency phishing “stand[s] out” from other phishing attacks because scammers can make millions of dollars,

“The success criminals have enjoyed suggests that they know how to exploit the human factor, which has always been one of the weakest links in cybersecurity, to capitalize on user behaviors”.

Kaspersky Lab, which concentrates on protection against malware such as viruses, Trojans, and ransomware, has already been keeping an eye on criminal behaviors involving cryptocurrencies. At the end of June, the cybersecurity company reported on the recent shift in popularity from ransomware attacks to “cryptojacking,” which infects a computer with malware that mines for crypto without the owner’s permission.

Image via Shutterstock

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