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FBI detects fake crypto apps that scammed $42.7M from 244 victims

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US Federal Bureau of Investigation (FBI) discovered three fake crypto apps that stole about $42.7 million from 244 victims between October 4, 2021 and May 13, 2022 and recently issued a public warning against such fraudulent apps.

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According to the FBI, these cybercriminals use the names and logos of legitimate US companies to attract investment. The Bureau advises all users who suspect they have been victims of such fraudulent activities to contact the FBI online or at their local FBI office.

Three fake apps found

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The public alert includes three fake crypto applications discovered by the FBI.

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The first one, Supayos (also known as Supay), was named as a legitimate Australian exchange and was active from 1 to 26 November 2021. The attackers behind the app convinced the two victims to download and make multiple deposits to their Supay. Accounts. They told one of the victims that he was in a $900,000 program. When the victim wanted to close his account, he was told to deposit the required amount or freeze all assets.

YiBit became the second fake app to confiscate about $5.5 million from four victims. YiBit was a legitimate exchange platform that shut down in 2018. The attackers were active from October 4, 2021 to May 13, 2022. After they convinced 17 investors to deposit funds, they asked them to pay taxes before withdrawing the funds. Four people were unable to remove their balances from the app.

The FBI did not release the name of the third fake app. The attackers imitated a legitimate US company and remained active from December 22, 2021 to May 7, 2022. The FBI found that they had swindled 28 victims out of about $3.7 million. Like the YiBit attackers, all 28 victims of this incident were asked to pay taxes before withdrawing funds. Even though 13 of them did, they still couldn’t leave.

Surge of cyberattacks

A recent study by a cybersecurity company Slice found that the number of casualties from cyberattacks has increased exponentially over the past two years.

During 2020, $300 million was lost as a result of cyberattacks in the web3 space. In 2021, that figure has risen to $2.3 billion. Moreover, it looks like it will grow even more at the end of 2022. According to the numbers, the web3 space lost $1.48. billion as a result of cyberattacks between January and May 2022.

What is even more distressing is that recovery rates have been extremely low for 2022 attacks. In previous years, recovery rates were around 20%. However, in 2022, the authorities returned only 4.5% of the stolen $1.48 billion. According to the report, this indicates an increase in the complexity of fraud.





Credit : cryptoslate.com

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