Malware In Crypto Scams on Telegram Skyrockets: Scam Sniffer

Scam Sniffer, a blockchain security firm, reports that malware-based crypto scams on Telegram increased by 2,000% between November and January. 

This is a big change in how cybercriminals operate. According to a post on X, the cybercriminals are using more advanced malware to target crypto investors on this messaging platform. 

Details on Malware Scams and its Effect

While traditional phishing scams, like fake websites that steal personal information, remain steady, this rise in malware scams shows a new and more serious threat. Telegram is a popular platform for crypto traders and communities. It has long been a place where various scams occur, such as fake trading groups, airdrop schemes, and fraudulent investment opportunities. 

1/7 🚨 SECURITY ALERT: New sophisticated scam targeting crypto users through fake Telegram groups.

Attackers are impersonating multiple crypto influencers and using malicious bots for verification. Here’s how it works… 🧵 https://t.co/KaetjSHW1I pic.twitter.com/YwFM5RBl3V

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) December 10, 2024

However, the recent increase in malware campaigns is a concern. Attackers are now using advanced malware techniques to bypass the usual “connect wallet” scams that trick victims into visiting fake sites. Scam Sniffer reports that the malware scams spread through fake verification bots, fake trading groups, fake airdrop groups, and exclusive “alpha” groups. 

Once victims engage with these misleading groups or bots, their devices become infected with malware. Hackers then gain access to sensitive information, like passwords and data. Meanwhile, Scam Sniffer warns crypto traders to be careful when using Telegram groups or bots. To stay safe, investors should avoid joining unverified groups, be cautious of unsolicited messages, and ensure their devices have strong security software.

Crypto Scams Bait Opportunists With Seed Phrase Trap

Last month, a new crypto scam emerged targeting opportunistic users attempting to raid cryptocurrency wallets with exposed seed phrases. According to cybersecurity firm Kaspersky, scammers pose as naive crypto users by posting seed phrases in YouTube comments, luring victims into a cleverly orchestrated trap.

What makes this scam particularly deceptive is the bait wallet configuration as a multi-signature wallet. These wallets require approvals from multiple parties for outgoing transactions. Even after paying the transaction fees, would-be thieves cannot move USDT, as they lack the necessary approvals. This scheme flips the script. 

Recall that Kaspersky uncovered a more elaborate operation that lured victims via Telegram links, leading to legitimate crypto exchanges.

Rising Crypto Scam Cases

Kaspersky’s Sytnik advised users to stop accessing others’ crypto wallets, even if offered a seed phrase. “The risks far outweigh the potential rewards,” he cautioned. He also urged crypto enthusiasts to remain skeptical of strangers’ claims online, particularly those involving too-good-to-be-true opportunities.

Furthermore, this is a stark reminder of the ever-evolving scam tactics in crypto, where greed often meets ingenuity. As such, staying vigilant and ethical is the best defense against falling victim to these schemes.