Bogus cryptocurrency apps steal millions in mere months
Cryptocurrency has a wide role in modern cybercrime. Criminal gangs run myriad campaigns aimed at stealing cryptocurrency, from cryptomining and cryptojacking attacks to scams like those outlined in the FBI alert. In addition, cryptocurrency plays an increasingly central part in other cybercrimes, particularly ransomware, where payment is typically made in cryptocurrency.
"While crypto crime gets FBI attention to drive consumer education, it can also place even more pressure on legitimate crypto industry players to deliver new levels of trust and integrity," Bower told."The SEC's new Crypto Assets and Cyber Unit was formed for exactly that and will no doubt be looking for proof the industry itself is resilient in the face of crime risk, attack and compromise to investors who bear the brunt in the hip pocket today.
Two other campaigns followed similar patterns. Between October 4, 2021, and May 13, thieves using the name YiBit – a onetime legitimate cryptocurrency exchange that apparently shut down in 2018 – convinced investors to download its app and deposit cryptocurrency into wallets. Again, victims were told they had to pay taxes before withdrawing funds. At least four people were defrauded of about $5.5m.
"The cyber criminals told one victim he was enrolled in a program requiring a minimum balance of $900,000 without his consent; upon trying to cancel the subscription, the victim was instructed to deposit the requested funds or have all assets frozen," the agency wrote.
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