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Over $2 Million Lost to Crypto Scams in Second Quarter of 2018

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According to recent reports presented by Russian firm Kaspersky Labs, which deals in antivirus software and cyber security, Cyber-crime activities have gained pace in the second quarter of 2018, amounting to a loss of about 2.3 million dollars. Unfortunately, most of these activities have to do with cryptocurrencies.
The report titled "Spam and Phishing in Q2 2018" was majorly focused on different examples where cyber criminals somehow got hold of sensitive information from the individuals with the help of attractive fake promotions focused on cryptocurrencies.

Most of the examples categorised as 'Crypto phishing scams' are focused on cases where different individuals are being convinced to provide important and sensitive information voluntarily to Cybercriminals on fake copies of cryptocurrency exchanges and wallets. The firm also stated cyber criminals are also using fake ICOS to mislead the people by giving fake early access offers to potential investors. Kaspersky offers an anti-phishing system which has prevented around 58000 attempts of such activities in the 2nd quarter of 2018.

Spam and Phishing in Q2 2018

According to the additional information given in the report, the most popular cryptocurrency which is being used in phishing scams is Ethereum (ETH). This is because most of the ICOs use the Ethereum platform for operation.

In the beginning of this month, another research revealed how fake giveaways related to cryptocurrency were mushrooming on social media platforms like Twitter. It has been found that these fake giveaways were tweeted about through a network of almost 15000 bots. Olabode Anise, a scientist at Duo security, the firm which surveyed 88 million Twitter accounts, shared that, "The bots' attempts to thwart detection demonstrate the importance of analysing an account holistically, including the metadata around the content."

"The bots' attempts to thwart detection demonstrate the importance of analysing an account holistically, including the metadata around the content."

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