Virtual scams are still on the rise. This year, according to a survey conducted by the company AtlasVPN, about US$13.4 million was obtained through the ten most fraudulent blockchain scams ever operating on the Internet. Inducing non-existent purchases is one of the illegal conduct.
According to Business Insider, victims of these scams are lured into getting rich quick spoofs. In a report, Ruth Szynski, cyber security researcher and editor of AtlasVPN, outlines tools used by blockchain fraud criminals because they are difficult to trace.
“By their very nature, blockchain projects remain attractive targets for cybercriminals. Second, fraudulent transactions are not as easily tracked or reversed as they can be in the traditional financial system,” Ruth wrote in the report.
The document also noted that CryptoMixer.com is the largest blockchain fraud scheme, with the site raising a total of more than $2.5 million in 167 different payments since its launch in December 2020. CryptoMixer.com operates through a software called Bitcoin Tumbler, which breaks down encrypted transactions into smaller parts and then links them to others and, thus, sends them to their final destination. This process makes it difficult to locate the business.
“However, CryptoMixer.com is a counterfeit bitcoin service that sends coins to several large encryption exchanges, but not to the user’s destination address,” warned the AtlasVPN report, which noted that fraudulent wallets related to bitcoin The address is 1CoiNMixqJdctqazGsTvDcAygqHPUvmRo8.
The second fake investment scheme is operated by InternationalGlobalPay.com, which has illegally raised $2.3 million since last November. The AtlasVPN report alleges, “The company intends to become a credit card provider. However, it does charge a fee for the service it never offers.”
The United States government has warned people about the rise of fraudulent online schemes this year. According to a Business Insider report, US consumers reported a loss of $52.6 million to the Federal Trade Commission (FTC), an increase of 80% compared to the previous quarter 2020. According to the FTC, young people are the main targets of fraud with cryptocurrencies. and other digital assets.
The third scam listed by the AtlasVPN report is malware linked to a fake wallet app, which resulted in a total of $1.9 million in 372 illegal payments.
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