Crypto scammers are using a new method to conduct sophisticated frauds. According to blockchain researcher Taylor Monahan attackers are luring people into their trap by posting job openings with wages between $200,000 and $350,000.
The scam technique comes against the backdrop of a rise in frauds, hacks and illicit activities in crypto sector throughout 2024.
How Does The Scam Operate?
By pretending to be recruiters from reputable cryptocurrency companies that offer high wages, cryptocurrency hackers have developed a cunning new scam to enter victims’ computers and steal money.
In such frauds, in contrast to conventional phishing scams, the hackers spread malware in a novel way. This makes it difficult for people to distinguish between real and fake, making it easier for the perpetrators to steal money.
During a fictitious interview, victims are told to fix a microphone or video access problem. Before posing the last question, which calls for a video response captured via the “Willo | Video Interviewing” platform, the phony recruiters conduct extensive paper interviews.
When victims have technical issues, they are instructed to “fix” the problem by deleting the cache in their browser, which causes Chrome to restart.
But this “fix” actually installs malware that gives the attackers backdoor access to the victim’s devices, allowing them to steal cryptocurrency wallets or do more harm.
New Techniques Comes As Crypto Scams Rise in 2024
The rise in the scam technique comes with the unfortunate background of cryptocurrency theft increasing steadily over 2024.
The rise comes as over the past ten years, four consecutive years have seen the theft of over $1 billion worth of bitcoin indicating that crypto hacking remains a significant problem for the sector.
In 2024, the concerning milestone will be reached for the sixth time, showing how the value and acceptance of cryptocurrencies rises in line with the amount that can be stolen.
The number of hacking incidents increased from 282 in 2023 to 303 in 2024, and the total amount of money taken increased by roughly 21.07% year-over-year (YoY) to $2.2 billion.
Crypto Scams Employee Sophisticated Methods To Steal Money
Fraudsters are employing well-crafted justifications to entice their potential victims with said guaranteed high-yield investments or fake promise that will allow them to gain trust easily.
This latest scam fits into a larger pattern in the cryptocurrency industry where frauds are getting more complex and challenging to identify. Even though traditional phishing attacks are still common, malware created to take advantage of flaws in consumers’ devices is increasingly being added to them.
These attacks have been more common as the cryptocurrency market has grown, particularly after Bitcoin hit $100,000 and altcoin values generally increased. During this time of expansion, scammers are taking advantage of the increased interest in cryptocurrency to target both new and seasoned users.