Scammers steal $15 million worth of encryption from HitBTC clone.

A fraudster stole about $15 million worth of Cryptocurrency after UI clone of HitBTC, a popular Hong Kong-based cryptocurrency trading platform.

Fraudsters do off with $15 million

According to SlowMist, a crypto-compliance expert, this scam has been in operation for almost a yearand successfully Trick users into activating phishing nodes.

The fraudster A.I complicated scheme it earned over $15 million worth of bitcoin (BTC), ethereum (ETH), tether (USDT), and shiba inu (SHIB).

The scheme included a smart contract that required users to connect their wallets. Victims make deposit transactions on any exchange while the malicious smart contract tracks their transactions.

Once the transaction is signed and confirmed, the scammer earns access to the user’s wallet and drains the rest instantly of users assets. The scam works in the first place on Bitcoin, Tron and Ethereum networks.

SlowMist’s investigation revealed that the culprit behind This scam is not limited to HitBTC alone.

in factThey have impersonated other prominent platforms, including South Korea’s Coinone and LedgerX, a former Company of FTX.

These fraudulent sites mimic the notable Web 3 toolsdecentralized applications (dapps), exchanges, confuse victims and expand access of crook

hobbles in Phishing attacks

Cybersecurity firm Kaspersky announces a staggering 40% increase in the number of Phishing attacks between 2021 and 2022.

This alarming trend indicates that scammers continue to exploit the allure of cryptocurrency, which is often seen as an acronym for financial success with minimum effort.

It is essential to understand that a crypto-phishing scam works by obtaining questionably sensitive information informationLike the private key to their wallet.

To achieve this, phishing tricks are used various The bait is to attract their targets, such as promising free cryptocurrency.

Fake encrypted websites usually act as phishing pages, where all the details entered by the user, including the password and recovery phrase of Their crypto wallet, the end up in the hands of scammers.

previously on May 15, The National Cryptocurrency Enforcement Team (NCET), of the United States Department of State of The DOJ said it would pursue exchanges that, despite their compliance, enable criminals to launder money.

Kayne Davenport
Kayne Davenport has been a journalist for over 15 years, making him an expert in his field. His educational background includes a Bachelor of Journalism from UT Austin and a Master of Science in Investigative Journalism from Northwestern. Kayne's career spans multiple media outlets. He has been writing for WS News Publishers for the past year, covering finance, politics, and education stories.

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