Scammers reportedly used fake domains and apps that impersonated legitimate crypto trading platforms to defraud investors.
Indian Investors Could Have Lost $128 Million to Fake Crypto Exchanges: Report
During the investigation, CloudSEK said it hit upon an ongoing operation where phishing domains and fake crypto apps are being used to scam unsuspecting investors. “This large-scale campaign entices unwary individuals into a huge gambling scam. Many of these bogus websites impersonate “CoinEgg”, a legitimate UK-based cryptocurrency trading platform,” the report said.
Initially, the victim makes handsome profits that boost their trust level. This results in an investment of higher amounts, and that’s when the scammer strikes. Suddenly, the investors find that their accounts are frozen and they are unable to withdraw their investments. The person who influenced them to invest on social media also goes incommunicado.
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