Crypto Scams: A Technique Using Texting and Messaging Apps Is Entering the Industry

Crypto scam continues its march. One technique in particular is spreading more and more, going so far as to invade users’ phones.

A receiver error as gateway

Crypto scams never lack ingenuity when it comes to attracting new victims. With the apparent recovery from the crypto crisis, the scam is back in business. After using increasingly pernicious techniques, even going so far as to use holograms, the invasion seems in order.

According to a Coinbase report, the technique of “pig slaughter” is back in fashion. This has already been reported multiple times through Tinder scams or Facebook conversations. The criminal would approach the victim and then, after gaining their trust, offer to continue the conversation on an encrypted messaging service. The consenting victim was then offered to invest in a high-yield crypto project and even received an initial bonus. The latter made it possible to convince the sometimes cautious private individual so that he would then invest more. The money paid actually came from the scammer’s wallet, who later recovered it with his victim’s investments.

This summer, however, a new version of this technique has appeared. Usually they root on the victim’s phone, but now they use simple text messages to reach more and more people. Messaging applications such as WhatsApp would also be affected. The strategy is simple: the scammer sends a completely banal message to a potential victim. Then the criminal claims it was sent to the wrong recipient and engages in conversation. He would then try day after day to gain the trust of his interlocutor, until he broached the topic of fake crypto investments. It is therefore recommended to be extremely careful if you receive a text message from an unknown number, even if it claims to have the wrong number.

Source: CNBC Create the Twitter Account

Users seem to be increasingly concerned about their crypto

As crypto attacks and scams have become the new scourge of the crypto world, improving protocols could be one of the top priorities of the industry. A necessity that has become even greater now that users are aware of the risks they face. Some of them have become very careful with the security of their assets, going so far as to point out the slightest mistake.

For example, this is what Coinbase is currently making. Already in turmoil after a case of insider trading, the platform has been sued by 100 of its customers in Georgia. According to them, the security of the accounts is insufficiently guaranteed. The system Coinbase is supposed to protect is said to be lax and allow hackers to steal coins very easily. The plaintiffs also allegedly paid the price; one, George Katulla, had reportedly emptied his crypto wallet in a previous attack. Nearly $6,000 would then have been stolen, although Coinbase was able to recover some of it.

Contrary to what they claim, Coinbase does not make proper use of standard practices to ensure the security of consumer accounts. Furthermore, the platform improperly and unreasonably blocks its consumers’ access to their accounts and funds, either for an extended period of time or permanently.

Excerpt from the complaint filed against Coinbase.

Following this new legal attack, Coinbase may have to repay at least $5 million to its disgruntled community.


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