Crypto sextortion and phishing scammers are moving away from bitcoin and start using litecoin and other popular alt coins. They do this to avoid being detected by email filters. According to web security platform Cofense scammers will keep switching their requested cryptocurrencies in order to keep their scams going as long as possible.
A typical sextortion or phishing scam is all about tricking users into believing that their computers have been hacked. This would include webcam footage and their browsing history. The scammers force their victims to pay a ransom in crypto. After victims pay the ransom, the scammers will not leak the (non-existing) information to the public.
According to Cofense these operations often target users from password breaches, giving more authenticity to the initial phishing mail. Nowadays litecoin is being used a lot more, slowly replacing bitcoin as the favorite coin for scammers. Litecoin phishing is on the rise!
E-mail phishing just one way to steal crypto
In recent months we’ve seen several examples of cryptocurrency oriented scams and hacks. Blockchain technology is still in its infancy, and this makes it interesting for hackers. For example. gamers who play Fortnite and want to cheat in the game, are at risk of being hacked themselves. In addition, hackers who took over the DNS of cryptocurrency exchange EtherDelta, might go to jail for 47 years. While mining malware has seen an increase of 4467 percent in 2018.
In addition there have been plenty of investors scams over the years. Companies presented a nice idea, and managed to gather millions of dollars. The Securities and Exchange Commission and law enforcement are going after these type of scams. BitConnect is obviously the most famous ICO scam, as it also become a famous crypto meme. CentraTech used a whole other way to convince people to invest in their scam project.
For example celebrities endorsed CentraTech, because it presented itself as a debit card platform where crypto could be exchanged for fiat. They managed to steal 32 million dollars from investors. Celebrities like DJ Khaled and Floyd Mayweather endorsed the project. As a result they were fined as well.