Google Ads is Being Used by Crypto Scammers to Siphon Money From Metamask & Phantom Wallet Users

Isabella James, Tech Times 04 November 2021, 11:11 am

Google Ads Cryptocurrency Scam — (Photo : Anna Tarazevich from Pexels)

Scammers are now using Google Ads to steal cryptocurrency from unsuspecting users, according to a report.

Check Point Research's report says that an estimated $500,000 worth of cryptocurrency has been stolen from victims in just a couple of days.

Fake Google Ads used for the scam have lured victims to fake websites identical to those owned by crypto wallets. The victims ended up unknowingly giving their credentials aways, which granted access to scammers who stole from them.

Google Ads Being Used by Crypto Scammers

Crypto scammers are using Google Ads to steal from unsuspecting victims, according to a report by Check Point Research (CPR).

According to a blog post published on CPR's website, crypto holders are being warned of "scammers using Google Ads to steal crypto wallets, after seeing hundreds of thousands of dollars' worth of cryptocurrency taken from victims this past weekend."

CPR has estimated that $500,000 in cryptocurrency has been stolen from victims.

This is how the scam works, according to a report by The Verge:

The scammer begins by buying a Google Ad and placing it at the top of search queries related to crypto wallets such as MetaMask and Phantom
The unsuspecting victim clicks the fake Google Ad and is then led to a fake website that looks like the real MetaMask or Phantom website.
The user ends up entering credentials such as the passphrase or opts to create a new wallet, which actually logs them into the crypto wallet being used by the scammer.
Either way, the scammer is now able to steal the user's cryptocurrency due to the access the victim has given

How to Protect Yourself From the Scam

CPR has provided ways that users should observe in order to protect themselves from the scam involving Google Ads.

CRP reminds users always to examine the browser URL first and notes that only an "extension should create the passphrase." An extension will always contain an extension icon that you can look for.

Users are also reminded not to give out their passphrases. CPR reminds everyone that the passphrase will only be asked for when a user is installing a new wallet.

CPR likewise recommends that users should skip ads altogether as there are ads that can mislead users.

Previous Crypto Scams

The list of crypto scams seems to be growing, and the Google Ads crypto scam is the latest addition to it.

Back in July, Tech Times previously reported on a crypto scam involving 25 Google Play Store apps. Scammers were able to make investors believe that in order to mine cryptocurrency on their smartphones, what they have to do is to pay a fine.

More recently, it has also been reported that the Squid Game cryptocurrency has turned out to be a scam. The scammers were reportedly run away with $3.38 million.

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Written by Isabella James