Plague of fraud on popular messenger. Criminals steal $314 million in six months

In the first half of 2024, criminals managed to steal cryptocurrencies worth a total of $314 million. This is a 6.4% increase compared to the same period last year. Of this amount, about $58 million was swindled from just 20 victims. One of these people lost a whopping $11 million, making her the second largest victim of crypto theft in history. This information comes from the latest report by the analytics firm Scam Sniffer.

How do scammers operate on Telegram?

According to Binance, the world’s largest cryptocurrency exchange, digital asset thefts are often preceded by phishing attacks. Criminals most often use the Telegram app, which has become a popular tool in the cryptocurrency community, mainly due to its reputation as a secure messenger. Unfortunately, although the communication itself is encrypted, the entire Telegram environment is vulnerable to fraud.

The most common scam on Telegram is fake messages from people pretending to be employees of an exchange, such as Binance. Scammers convince users that they can help them invest by asking for a fee through a phishing link. After receiving the money, the scammers disappear.

Another common technique is to set up fake Telegram groups that supposedly belong to reputable cryptocurrency exchanges. In such groups, criminals encourage users to participate in various projects, such as cryptocurrency staking, demanding payment in ETH. After receiving the money, contact with the victim is cut off.

Cybercriminals often encourage users to join groups promoting new projects and tokens. In such groups, victims are bombarded with phishing links and other attack methods. One popular scam is an invitation to participate in an airdrop, where users are asked to send a certain amount of ETH in exchange for a new token. Of course, after sending the cryptocurrency, the tokens never reach the hands of the victims.

How to protect yourself against fraud?

To avoid falling victim to a Telegram scam, there are a few basic rules to follow. First of all, it is always worth verifying who contacted you and offered you an investment. Users should be especially careful with the username field and their biography, as scammers often try to make their profiles more credible.

It’s also worth paying attention to subtle differences in usernames, such as changing the capitalization or adding lowercase letters, which can be difficult to spot at first glance. Binance offers a tool called Binance Verify that lets you check the authenticity of social media accounts.

Additional security measures include only using official channels to download Telegram software, like Google Play and AppStore, and enabling two-factor authentication (2FA), which makes it harder for hackers to take control of your account.