Beware of Crypto Impersonation Scams: Protect Your Money

The cryptocurrency industry is plagued by impersonation scams and phishing emails, and the latest attack targeted the mailing lists of several prominent crypto-related firms. The attackers used the email provider MailerLite to carry out the attack, which resulted in them making $580,000 in just a few hours. The phishing attack was personalized for each mailing list, but they all had the same element—a link inviting recipients to participate in an airdrop. These scams are unfortunately common in the crypto space, with scammers often attempting to spoof email addresses, but in this case, they appeared to come from genuine sources, making them harder to detect. Social media sites are also a favorite domain for impersonation scammers, with criminals pretending to be brands, blockchains, or famous personalities. MicroStrategy co-founder Michael Saylor, for example, is a heavily impersonated figure on social media. The scammers create fake videos of him and launch them from multiple accounts. Impersonation scammers also target Google ads, using them to promote their fake websites and push them to the top of search listings. Users who click on these ads and approve wallet login signature requests end up exposing their crypto to scammers. Human weaknesses such as fear, greed, complacency, and laziness are exploited by impersonation scammers to make money. However, there are ways to protect yourself, such as taking time to verify websites and social media pages and being cautious and skeptical. Additionally, avoiding sponsored links and not falling for offers that seem too good to be true can help prevent falling victim to these scams.