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Similarly, in December December 2023, ScamSniffer reported that scammers employed a wallet-draining service called “MS Drainer” to steal around $59 million in different cryptocurrencies using fake ads for popular crypto sites like Zapper, Lido, and Stargate.
Key Notes
Scammers have found a way to use Google Ads to mimic legitimate crypto recovery service known as Revoke Cash to steal funds from the industry.In response to growing misuse of its platform, Google has initiated lawsuits against bad actors and even removed malicious apps from Play Store.Fraudsters are exploiting Google Ads to impersonate Revoke Cash, a crypto recovery service aimed at helping traders recover lost assets. This scheme, uncovered by blockchain forensic firm ScamSniffer, involves misleading ads designed to trick users into revealing personal information or making financial transfers.
Fake Website Targeting Crypto Users
The scam begins when individuals search for crypto recovery solutions and come across ads that seem to originate from Revoke Cash. Although these ads may appear legitimate due to the seemingly authentic domain addresses, they lead to fraudulent websites.
According to ScamSniffer, these counterfeit sites are crafted to closely resemble Revoke Cash, making it difficult for users to identify the scam.
Meanwhile, this is not the first instance of scammers leveraging Google Ads to promote fraudulent sites. In April, criminals used the platform to advertise a fake version of Whales Market, an over-the-counter (OTC crypto trading platform, facilitating the trading of airdropped tokens.
Similarly, in December December 2023, ScamSniffer reported that scammers employed a wallet-draining service called “MS Drainer” to steal around $59 million in different cryptocurrencies using fake ads for popular crypto sites like Zapper, Lido, and Stargate. According to the report, about 63,000 users were affected.
A Christmas to Remember
Despite the exploit being exposed, it persisted until Christmas, with more users reporting losses amounting to $3 million due to the same wallet drainer.
On December 25, ScamSniffer identified additional scams involving the “MS Drainer” tool, which drained funds from new victims. One individual suffered an $880,000 loss in wrapped Bitcoin (wBTC), while others reported losing Aave Polygon USDT (aPolUSDT), Aave USDC (aUSDC), and USDT.
Following the Christmas Day attack, ScamSniffer released a comprehensive report, uncovering 10,072 fake websites that used MS Drainer throughout 2023 to steal funds from the crypto industry.
Google’s Response to Fraudulent Activity
In response to the rising trend of crypto scams on its advertising platform, Google has taken action to curb misuse. In April, the tech giant filed a lawsuit against Yunfeng Sun and Hongnam Cheung from China for creating deceptive crypto investment apps on the Google Play store.
The apps, which collectively accumulated approximately 100,000 downloads before being removed, were part of a scheme that led to significant financial losses.
Halimah DeLaine Prado, General Counsel at Google, emphasized that the lawsuit is part of a broader effort to protect users from fraud.
“This lawsuit not only aims to safeguard our users but also serves as a deterrent to potential fraudsters. In 2023 alone, over a billion dollars in cryptocurrency fraud was reported in the US,” Prado said.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
