Group-IB has noted a fivefold increase in the number of domains used for crypto giveaway scams that involve fake YouTube streams in the first half of 2022. In addition to Vitalik Buterin, Elon Musk, and other crypto celebs, scammers started exploiting the name of Nayib Bukele, the president of Salvador.
The evolution of crypto giveaway scams
Crypto giveaway scams have evolved into an illicit market segment with multiple services that aim to facilitate fraudulent operations. According to Group-IB, 63% of the new fraudulent domain names were registered with Russian registrars, but the fake websites are primarily designed to target English and Spanish-speaking crypto investors in the US and other countries. The researchers also compiled a list of the most popular keywords used by scammers in fake domain names.
Researchers observed an increase in the number of fraudulent YouTube streams “featuring” big names such as Brad Garlinghouse, Michael J. Saylor, and Cathie Wood in February this year. The scammers used the footage of famous entrepreneurs and crypto enthusiasts to encourage users to visit a promotional website to double their crypto investment — by transferring crypto to the specified address or disclosing the seed phrase of their crypto wallet to receive even better terms.
Group-IB experts have discovered that the scheme has been scaled significantly in just half a year. In the first six months of 2022, they identified more than 2,000 domains…
