The Way to a Hacker’s Heart? Your Crypto Wallet
Cryptocurrencies are now mainstream with big-time brands and personalities like Tesla and Elon Musk providing public support, but they aren’t the only ones “buying in.” This trend has also attracted the attention of bad actors who see a multibillion-dollar opportunity to scam investors.
According to the first annual Bolster Cryptocurrency Scam Report, there was a 40% increase in crypto scams last year and based on current levels of activity, they project a 75% increase in 2021. By analyzing over 300 million websites, the report also found:
- More than 400,000 crypto-related scams in 2020
- The most common tactics included fake prizes/giveaways and investment related schemes, and most scams leveraged COVID-19 narratives to grab the attention of their targets
- The rapid uptick in cryptocurrency value in the second half of 2020 was matched by an equally alarming uptick in scam related activity
- Scams were propagated in 58 different countries, with 50% of the fraudulent sites hosted in the US