Breaking News

Google Ads Phishing Scams Claim Over $4 Million

Google Ads Phishing Scams Claim Over $4 Million

Table of Contents

Phishing scams promoted through Google Ads have claimed over $4 million from unwitting crypto users.

Blockchain analytics and data from Google Ads reveal that 3,039 unsuspecting cryptocurrency users have fallen victim to phishing websites promoted on Google, which resulted in over $4 million being stolen.

Data from Web3 anti-scam firm ScamSniffer, reveals that malicious advertisements for phishing websites have recently surged in Google Ads searches. Addresses, or URLs (uniform resource locators), take users to websites created by scammers that solicit login signature requests, granting scammers access to users’ wallet addresses.

Fraudsters make slight changes to websites’ official URLs, which trick users into clicking on malicious links.

DeFi is Once Again the Target of Scams

ScamSniffer says major DeFi projects, websites and brands have recently been targeted. Notably, scammers have focused on Lido,, Stargate, DefiLlama, Orbiter Finance and Radiant.

An analysis of ScamSniffer’s metadata indicates that many phishing websites have been linked to scammers in Canada and Ukraine.

Fraudsters bypass Google’s ad review process using several different methods. This includes tricking Google Click ID, which enables scammers to display a legitimate website while Google conducts its review process of an advertisement.

Harmful advertisements proved to be a very profitable endeavour for scammers. ScamSniffer reveals that the average cost per click for related keywords ranges from $1 to $2. With a conversion rate of 40% from 7,500 consumers clicking on malicious ads, scammers have invested nearly $15,000 in advertising. A total of $4 million has been stolen thus far, translating into a return rate of 276%.

Technological Developments Result in More Sophisticated Scams

While scams targeting cryptocurrency users are by no means a recent occurrence, technological advancements in the field of artificial intelligence mean that scams are becoming ever more sophisticated.

California regulators recently revealed that scammers are profiting from the AI hype by duping investors into investing in companies with AI-generated CEOs. The California Department of Financial Protection and Innovation (DFPI) sent cease and desist letter to at least five firms claiming to make profits using AI-assisted trading techniques.

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

Related Topics: 

You may like