Cryptosphere Needs a Strong Defense Against Threat Actors

There’s a horde of digital marketing enthusiasts who want to learn about the Google Ads services. To this date, it remains the top-notch solution for digital marketers to promote brands. But they are not the only ones attracted to the service. A recent investigation highlights that threat actors have wiped around $4 Million in crypto assets using ‘sponsored’ phishing links.

2022 Remains Worst Year For Crypto

According to Scam Sniffer, an anti-scam web3 platform, revealed the hacks on Twitter. According to the investigation, hackers employed methods to bypass the Google Ads’ review process. As soon as the users clicked on ‘sponsored’ links, they were directed towards malicious websites. Lido Finance, Zapper, DeFiLlama and more were among the targeted brands.

Scammers used anti-debugging measures which usually directs a normal user towards a harmful website. Moreover, they used parameter distinction where the threat actors use gclid protocol employed by Google to track user clicks. These hackers choose to deceive the algorithm technically to reach the potential victims.

Scam Sniffer suggested Google Ads to integrate malicious website detection engines and continuous monitoring of landing pages. What’s more, the web3 investigator revealed that funds were deposited into Tornado Cash, KuCoin, SimpleSwap and more.

Cryptocurrency sector has become a hotspot for hackers. According to Chainalysis, a blockchain analytics firm, the attackers wiped $3.8 Billion in digital assets during 2022, an over 16% increase compared to 2021. However, the total number of hacks decreased in the year. March and October 2022 proved worse considering the threat actors stole over $700 Million in respective months.

Furthermore, decentralized finance (DeFi) protocols were exploited at large, representing over 80% ($3.1 Billion) of the attacks during 2022. North Korean hackers remained the most agile forces in these activities, stealing $1.7 Billion throughout the year. Tornado Cash, a cryptocurrency mixing service, was primarily used for malevolent acts by them.

Additionally, North Korean hackers also utilized another currency mixer dubbed Sinbad. Data shows that the attackers sent over 1,400 Bitcoins worth $24.9 Million to the platform. Due to these applications being used by cybercriminals, regulators have barred them from the market.

Last year, the U.S. banned Tornado Cash after the findings indicated that $7 Billion worth of crypto assets were laundered by cybercriminals. Lawmakers are constantly looking for ways to keep the users safe from financial blows. Out of more than 22,000 cryptocurrencies, a large chunk is potentially filled with fraudulent projects, said Gary Gensler, SEC chair, during a Twitter space hosted by the U.S. Army.

In March 2022, the Biden administration released an executive order to assess risks and benefits associated with digital assets. Rishi Sunak, Prime Minister of UK, during his chancellor days, presented a proposal to render the country a global crypto hub. In Canada, cryptocurrencies are regulated similar to traditional financial services.

Crypto sector may have proven itself financially fruit-bearing to many but is not free from the evil forces waiting to break-in.

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.