Google Ads Promotion of Fake Crypto Site Triggers Phishing Alert

Google’s digital advertising service, Google Ads, has been exploited to propagate harmful cryptocurrency websites, leaving users vulnerable to phishing attacks. 

A study by BleepingComputer revealed that cybercriminals have manipulated Google Ads to promote an illegitimate version of Whales Market, a platform known for over-the-counter (OTC) trading of airdropped tokens. This fake website version is displayed as a sponsored advertisement at the forefront of Google search outcomes, luring in unwary individuals.

Visitors Rerouted to Scam Websites

Although it may seem credible at first glance due to its legitimate-looking domain address, individuals engaging with the advertisement are taken to a deceptive domain [www. whaels.market], rather than the genuine [www.whales.market].

The study highlighted that the culprits have set up several domains aimed at Whales Market, with at least one, [www.whaless.market], currently not in use.

The counterfeit version of the Whales Market site mimics the authentic site’s layout, tricking users into connecting their digital wallets. This action activates harmful scripts that siphon off the cryptocurrency stored in these wallets. This event is among the increasing instances of scammers leveraging Google’s platform to advertise deceitful services.

In the latest update on phishing operations, the actual orchestrators remain under wraps. However, Google took legal steps to combat these fraudsters. The tech giant recently initiated legal proceedings against two individuals from China, Yunfeng Sun and Hongnam Cheung. 

They were accused of exploiting the Google Play store to lure individuals into sham cryptocurrency investments. While the lawsuit didn’t specify the names of the involved apps, Google disclosed that it has shut down 87 apps linked to Sun and Cheung in the last four years. These apps, which were found to be fraudulent, had been downloaded nearly 100,000 times globally.

Google’s General Counsel, Halimah DeLaine Prado, said, “This is a unique opportunity for us to use our resources to combat bad actors running an extensive crypto scheme to defraud some of our users.”

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.