Over $4 Million Has Been Stolen From Users Through Malicious Google Ads

In a recent report, ScamSniffer, a web3 anti-scam service provider, disclosed how Google Ads has been repeatedly promoting phishing websites in recent weeks.

Through the use of blockchain analytics, it has become apparent how Google Ads has played a significant role in facilitating the theft of $4 million worth of cryptocurrencies from unsuspecting victims online. The detailed analysis of blockchain data has provided insight into the methods used by scammers to lure individuals into fraudulent schemes through deceptive advertising tactics

After conducting an investigation, ScamSniffer discovered that Google Ads directed users to a web3 webpage. However, upon reaching the page, it prompted users to log in to their wallets and provide signature requests.

The alteration of a legitimate website’s URL makes it challenging for an ordinary internet user to distinguish it from a malicious website. Consequently, threat actors have targeted several blockchain organizations, such as Orbiter Finance, Lido, Stargate, DefiLlama, Radiant, and Zapper.fi.

Google Ads Scammers are based in Canada and Ukraine

A metadata analysis of several phishing websites has revealed that the advertisers behind them are based in Ukraine and Canada. These individuals are utilizing various techniques to circumvent Google’s ad review process. One of such method involves manipulating the Google Click ID parameter to display a legitimate webpage during the ad review.

Additionally, certain malicious ads utilize anti-debugging methods to redirect users who have enabled developer tools to a legitimate website. However, when a user clicks directly on the ad the next page is  the phishing website. By doing so, scammers are able to evade some of the machine reviews conducted by Google’s ads platform.

Crypto phishing websites disclosed to be lucrative

By utilizing advertising analysis platforms, ScamSniffer has come to the conclusion that the promotion of crypto-related phishing websites is a highly profitable enterprise. In fact, the platform has determined that the average cost per click for keywords associated with these scams falls around $1 to $2, indicating a considerable investment being made by scammers to lure unsuspecting individuals into their fraudulent schemes.

Furthermore, on-chain data analysis conducted on addresses associated with malicious websites promoted on Google, ScamSniffer’s database reveals that over 3,000 users have fallen victim to these scams in the past month alone, resulting in a total loss of $4.16 million.

According to estimates based on a conversion rate of 40%, out of 7,500 users who clicked on malicious advertisements, scammers have spent approximately $15,000 on advertising. Remarkably, this relatively small investment has yielded an astounding return on investment (ROI) of 276% due to the $4 million they have successfully stolen to date

This information suggests that unsuspecting individuals who clicked on these fraudulent ads may have unknowingly compromised their personal information, which was then used by the scammers to siphon off their funds.

Overall, these findings highlight the need for increased vigilance and caution when browsing the internet to prevent falling prey to such scams. Additionally, it also demonstrates the scale of the problem at hand and highlights the need for greater measures to combat such malicious activities, as they not only cause significant financial harm but also erode trust in legitimate cryptocurrency investment opportunities.