Recent findings by security experts and Resecurity researchers have uncovered a troubling trend in cryptocurrency counterfeiting targeting Fortune 100 companies. Scammers are creating fake tokens that mimic major brands, government organizations [1] [2] [3] [4] [5], and national fiat currencies in the DeFi and crypto space [3] [5].
Description
One notable example is the fraudulent “BRICS” token, which exploited the popularity of the BRICS intergovernmental organization [5]. These scams are often promoted through platforms like Lobstr.co on the Stellar network, using tactics such as ‘rug pulls’ and altering token smart contracts. Reports indicate that over 2 million investors have been defrauded by these schemes, surpassing the number affected by major crypto failures like FTX, Celsius [1] [3], and Voyager [1] [3]. These fraudulent activities typically manifest as DeFi scams or exit scams, deceiving investors after extensive promotion [1].
Conclusion
To combat this rising trend, experts stress the need for increased vigilance and the implementation of robust regulatory measures in the cryptocurrency landscape. It is crucial for investors to be cautious and conduct thorough research before investing in any cryptocurrency. Failure to do so could result in falling victim to these fraudulent schemes, leading to significant financial losses. As the cryptocurrency market continues to evolve, it is imperative for both investors and regulators to stay ahead of scammers and protect the integrity of the industry.
References
[1] https://www.infosecurity-magazine.com/news/fake-tokens-exploit-brics-hype/
[2] https://securityaffairs.com/159318/cyber-crime/resecurity-warns-cryptocurrency-counterfeiting.html
[3] https://assetmarketnews.com/investment/fake-tokens-exploit-brics-investment-hype/
[4] https://www.resecurity.com/blog/article/how-brics-got-rug-pulled-crypto-counterfeiting-is-on-the-rise
[5] https://ciso2ciso.com/how-brics-got-rug-pulled-cryptocurrency-counterfeiting-is-on-the-rise-source-securityaffairs-com/
