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Criminals are using phishing and advanced social engineering tactics to swindle unsuspecting victims out of Bitcoin by routing them to fake cryptocurrency websites, Proofpoint researchers report. The operation sends functioning sets of login credentials to fake cryptocurrency exchange platforms.
“This scheme spreads credentials to alleged private Bitcoin investment platforms and lures victims with the promise of withdrawing hundreds of thousands of dollars worth of cryptocurrency from an already established account on the platform(s),” researchers write in a blog post on their findings.
Cashing out the full balance of the account requires the victim to first deposit some Bitcoin to the platform, which is the point of the scheme, according to Proofpoint.
Researchers say while the con is similar to traditional “advance fee fraud” schemes, it is more sophisticated from a technical standpoint, fully automated, and requires substantial victim interaction. They note the use of cryptocurrency indicates the threat actor is targeting individuals
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