On October 27, the CEO of Binance, Changpeng Zhao (CZ), stated that the search results on Google are still encouraging websites that are used for crypto phishing and scamming. Additionally, he issued a warning that while using Google to search for CoinMarketCap, phishing websites marked with an “ad” tag were appearing in front of the genuine website.
Scammers have been able to get around Google’s strict regulations regarding crypto marketing for its advertising programme over the last several years, despite the fact that these regulations are in place. Scam websites have even been featured higher in search results than actual blockchain and cryptocurrency ventures on occasion.
Binance paid an unknown sum to purchase CoinMarketCap in April of 2020. CoinMarketCap is one of the data aggregators for cryptocurrencies that is used the most often on the market. Because of its widespread use, a significant number of people may be led to click on these fraudulent advertisements.
Phishing websites often make use of URLs that are very similar to those of legitimate websites in order to deceive users who aren’t paying close enough attention to click on their links. For instance, one of the websites that CZ brought to attention, for instance, had the spelling “coinomarketcaap.”
The Terra-related phishing scheme was discovered in April of this year by the blockchain security company SlowMist. The fraud included malicious actors leveraging Google Ads to build imitation websites that used Achor Protocol and Astroport branding.
A report warning that approximately $500,000 was stolen by scammers who used Google Ads to promote phishing sites that mimicked crypto wallet providers MetaMask and Phantom was also published by the research arm of the cybersecurity company CheckPoint in November 2021. The report warned that the scammers were responsible for the theft.
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