5 Cunning Tricks Crypto Phishing Scammers Might Use in 2023 – CoinGape

The crypto industry is full of passive income promises, massive gains, and lots of scams. Similar to the money in your bank account, crypto phishing scammers want your cryptocurrencies and will do anything they can to get them.

These crypto scammers are like hungry vultures looking for their prey (loopholes) and striking, leaving you empty-handed with immense regret. This article features the 5 cunning tricks these crypto phishing scammers might use in 2023.

AirDrops

Airdrops are one of the most common yet cunning tricks. Companies typically airdrop cryptocurrencies (or money) into a user’s wallet address in exchange for some activity, such as a new product launch, a new coin offering, or for promoting a brand. Crypto phishing scammers create elaborate clones of the profiles, websites, and emails of the company they wish to spoof; and people unknowingly get trapped. In July 2022, Uniswap, a popular decentralized cryptocurrency exchange, lost close to $8 million worth of Ethereum in a sophisticated phishing attack. 

Read More: Factors That Affect The Value Of Cryptocurrency

Malevolent browser bookmarks

Bookmark managers are another phishing strategy you should be careful of. In 2022, many crypto scammers inserter JavaScript code into bookmarks through phishing pages and potentially gained access to a Discord user’s information and took over the permissions of a project owner’s account.

Whaling

Whaling crypto attacks are directed toward senior executives. Even though the main goal of whaling is the same as any other kind of phishing crypto attack, the method used to pull this trick is a lot subtler. Tricks such as fake links and malicious URLs aren’t helpful in this instance, as criminals are attempting to imitate senior staff. Last year, toy giant Mattel fell victim to a whaling attack after a top finance executive received an email requesting a money transfer from a fraudster impersonating the new CEO. The company almost lost $3 million as a result.

eth_sign phishing trick

This crypto phishing scam allows a hacker to gain access to your private key and sign any transaction they choose. After connecting your wallet to a scam site, a signature application box may pop up with a red warning from MetaMask. After signing, attackers gain access to your signature, allowing them to construct any data and ask you to sign it through eth_sign.

Also Read: Just-In: Coinbase To Face Class Action Lawsuit Over Flare Airdrop Issue

Vishing

You must be familiar with the term “Honey trap”, right? Well, Voice phishing or vishing is a lot similar to it but instead of sweet talking you into the trap, scammers create a sense of panic and urgency. A cybercriminal calls a phone number and creates a heightened sense of urgency that makes a person take an action against their best interests. These calls normally occur around stressful times and the recipient can be tricked into giving away personal information.