A rising trend in cryptocurrency counterfeit has been identified by security researchers, in particular aimed at Fortune 100 companies.
According to a report published by Resecurity Researchers today, these efforts include creating tokens that occur as major brands, government agencies and even National Fiat currencies.
In decentralized finances (Defi) and Crypto, where rapid growth is rapid, scammers exploit investor interests through fraudulent regulations such as carpet trekkings and escapes with investments.
A recent case that is emphasized by the resecurity, includes a dragging smoke called “Brics”, still tradable, and benefits from the investment hype around the BRICS Intergovernmental Organization, a group of five major emerging economies: Brazil, Russia, India, China and South Africa.
The BRICS forum was founded in 2006 and aims to improve cooperation and cooperation between its member states on various economic, political and social issues.
Poor actors operated geopolitical stories, spread wrong information about new countries that join the Alliance and even suggest a gold-supported currency initiative. By making use of the worldwide image of the organization, scammers carried out a first currency supply (ICO) to promote the fake token with different stimuli.
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Platforms such as Lobstr.co, which facilitate token creation on the Stellar Network, are reportedly become hotspots for such fraudulent activities because of their flexibility, the resecurity said.
Similarly falsified tokens that occur as important entities, including oil companies and national supervisors, have also been identified and reported by the security company. This scams often refer to renowned organizations such as the monetary authority of Singapore and Midden -Eastern central banks.
Solidus Labs recently confirmed the findings of Resecurity and recently reported that such scams had cheated on more than 2 million investors, with victims of large crypto -losses such as FTX, Celsius and Voyager surpassed. This scams mainly manifest themselves as Defi -wang, which change token smart contracts to cheat investors or as an exit scam, betray investors after extensive promotion.
The convenience of accessibility for implementing this scams, in combination with the low entry threshold, is considerable challenges for the cryptocurrency landscape. The resecurity called for increased vigilance and robust regulatory frameworks to combat fraudulent activities.