Beware of Crypto Giveaway Scam: $5M Stolen from Thousands of Victims
A recently uncovered crypto giveaway scam, orchestrated by the Russian-speaking group Impulse Team, has defrauded unsuspecting victims of more than $5 million since 2021. This elaborate operation involves a network of over 1,000 fraudulent websites and has successfully scammed individuals worldwide through social media platforms like Twitter, TikTok, and Mastodon. Trend Micro, a leading IT security expert, published research shedding light on this widespread scam, which has left thousands of people deceived.
Headings:
The Scam Unveiled: How Impulse Team Operates
The Illusion of Winning: Luring Victims on Social Media
Activation and Identity Verification: A Costly Requirement
Impulse Team's Profits: Exaggerated Claims and Affiliate Networks
Expanding Their Reach: Promoting the Scam on Cybercrime Forums
Russian Detective Bribed: Revealing Illegal Assets
Authorities Close In: Unearthing the Detective's Involvement
The Scam Unveiled: How Impulse Team Operates: The crypto giveaway scam operated by Impulse Team spans several years, with some associated websites dating back to 2016. Trend Micro's recent research has shed light on the extent of the scam, indicating that thousands of people worldwide have fallen victim to this fraudulent scheme. The scammers employ a network of over 1,000 deceptive websites to carry out their operations, targeting unsuspecting individuals seeking to participate in crypto giveaways.
The Illusion of Winning: Luring Victims on Social Media: Impulse Team preys on social media users, leveraging platforms such as Twitter, TikTok, and Mastodon to create an illusion of winning a valuable crypto giveaway. By presenting themselves as legitimate entities, the scammers entice victims into visiting their fraudulent websites, offering them a chance to claim a substantial prize of 0.78632 bitcoin (over $20,000).
Activation and Identity Verification: A Costly Requirement: To validate their accounts and claim the promised prize, victims are instructed to make an initial deposit of 0.01 bitcoin (approximately $260) for identity verification purposes. Although this amount appears relatively small compared to the promised rewards, victims soon discover that they never receive any return on their investment. The scammers exploit victims' trust, capitalizing on their desire for quick profits.
Impulse Team's Profits: Exaggerated Claims and Affiliate Networks: Trend Micro's research estimates that Impulse Team's scam websites received $5 million worth of USDT between December 2022 and March 2023. However, researchers suspect that the amounts showcased in Impulse's Telegram channels are intentionally inflated to attract other scammers to join their affiliate program. This elaborate network allows the scammers to promote their scams on Russian cybercrime forums, with a paid subscription service offering tools for successful victim exploitation.
Expanding Their Reach: Promoting the Scam on Cybercrime Forums: Impulse Team employs various tactics to expand the reach of their scam, including actively promoting it on Russian cybercrime forums. By doing so, they aim to recruit more affiliates and amplify their fraudulent activities. The scammers capitalize on the widespread interest in cryptocurrencies and the allure of quick profits, preying on individuals seeking financial gains.
Russian Detective Bribed: Revealing Illegal Assets: In a separate incident, hackers allegedly bribed a Russian detective with $28 million worth of bitcoin to shield their illicit assets from scrutiny. This detective, who held prominent positions in several investigative departments, was also leading the investigation into the group of hackers involved in the bribe. Authorities discovered evidence of the bribe, leading to the detective being asked to step down
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