Cyber security experts from CloudSEK claim to have unearthed a new type of scam targeting cryptocurrency users. It involves multiple payment gateway domains and Android-based applications that dupes unsuspecting people into a mass gambling scam.
According to experts, the fraud is estimated at a whopping Rs 1,000 crore.
“We estimate that threat actors have defrauded victims of up to Rs. 1,000 crore via such crypto scams” said Rahul Sasi, founder and CEO of CloudSEK.
CloudSEK said they have found a number of fictitious domains that have used the keyword “CoinEgg” to target users of authentic cryptocurrency trading platform.
CoinEgg Scam: How Does It Work?
Findings have revealed that threat actors conducted the crypto scam in seven stages.
They created a number of fake domains impersonating cryptocurrency trading platforms that had the word ‘CloudEgg’ in them.
“The sites are designed to replicate the official…