According to a report by BleepingComputer, scammers are advertising fraudulent crypto websites using Google’s Ads platform.
Google seems to be endorsing a malevolent cryptocurrency website that redirects users to a cloned fraudulent website, which exploits users’ cryptocurrency using Google Ads, an online advertising platform that allows companies to display advertisements on Google’s search engine results pages.
Threat actors have discovered a way to promote a counterfeit version of Whales Market. This over-the-counter (OTC) cryptocurrency platform facilitates the trading of airdropped tokens, according to a report by BleepingComputer.
According to the report, sponsored links at the top of Google search results promote the illegitimate version.
According to confirmation by Cointelegraph, Google is presently employing the counterfeit Whales Market as an advertisement. Despite the domain name appearing authentic on the search results page, users are directed to [www.whaels.market] rather than the intended [www.whales.market] when they attempt to access it.
Additionally, BleepingComputer reports that the malicious actors have reportedly registered multiple domains imitating Whales Market, including the dormant [www.whaless.market].
By imitating the interface of the legitimate Whales Market website, the counterfeit version deceives users into divulging their digital wallet credentials. However, the act of doing so triggers malicious programs that steal cryptocurrency from victims’ wallets.
This incident is indicative of recurring occurrences in which fraudulent individuals have advertised deceptive services via Google’s platform.
One example is the nearly $900,000 worth of cryptocurrency that an unidentified hacker siphoned from one of the hot wallets of Dallas Mavericks owner and billionaire investor Mark Cuban.
Scammers used the “MS Drainer” wallet-draining service to steal an estimated $59 million in cryptocurrency from victims over the previous nine months in December 2023.
Scammers targeted victims with bogus versions of well-known cryptocurrency websites, such as Orbiter Finance, Radient, Zapper, Lido, Stargate, and DefiLlama, via Google Ads.
Although the perpetrators of this recent phishing campaign remain unidentified, it appears that Google is implementing measures to combat the fraudulent activity.
Google initiated legal proceedings in April against Yunfeng Sun and Hongnam Cheung, both of Chinese nationality, because they misled users by offering counterfeit cryptocurrency investments via the Google Play store.
Wallet drainers have emerged as a significant concern within the Web3 ecosystem. The developer of the “Inferno” drainer announced his retirement in November 2023, citing the theft of over $80 million from victims throughout the software’s lifespan.
The developer of “Monkey Drainer,” which had, to that point, facilitated the theft of an estimated $13 million, also declared retirement in March.
