• The FBI has discovered fraudulent cryptocurrency apps that have stolen $42.7 million from 244 people

  • The FBI recently issued a public warning against such fraudulent programs after detecting three bogus crypto apps that stole around $42.7 million from 244 victims between October 4, 2021 and May 13, 2022.

    According to the FBI, these cybercriminals are attempting to attract investments by impersonating the names and logos of real US businesses. All users who feel they have been victim to such fraudulent activity are advised to contact the FBI via the internet or their local FBI field office.

    Three phony apps have been detected.

    The FBI has detected three phony crypto apps in the public warning.

    Supayos (also known as Supay) borrowed the name of a legal Australian exchange and was operating between November 1st and November 26th, 2021. The app’s creators persuaded two victims to download it and make numerous deposits into their Supay accounts. They informed one of the victims that he was enrolled in a $900,000 program. When the victim attempted to shut his account, he was advised that he needed to deposit the required amount or have all assets frozen.

    YiBit was the second fraudulent app that extorted $5.5 million from four victims. YiBit was a reputable exchange platform that went out of business in 2018. Between October 4, 2021 and May 13, 2022, the attackers were active. They required 17 investors to pay taxes before withdrawing funds after convincing them to deposit funds. Four people were unable to delete their balances from the app.

    The FBI did not reveal the identity of the third bogus app. The attackers pretended to be a real United States corporation and were active between December 22, 2021, and May 7, 2022. The FBI discovered that they had defrauded 28 people out of $3.7 million. All 28 victims of this incident, like the YiBit attackers, were requested to pay taxes before withdrawing monies. Despite the fact that 13 of them did, they were unable to withdraw.

    An increase in cyberattacks

    According to a recent report conducted by cybersecurity firm Hacken, the amount lost due to cyberattacks has increased significantly over the last two years.

    Throughout 2020, hacks in the web3 space cost $300 million. This figure is expected to rise to $2.3 billion by 2021. Furthermore, it appears that it will be even higher by the end of 2022. According to the figures, hacks cost the web3 space $1.48 billion between January and May 2022.

    What’s more, the recovery rates for the 2022 attacks appeared to be quite low. In previous years, recovery rates were approximately 20%. In 2022, however, officials had only recovered 4.5 percent of the stolen $1.48 billion. The analysis concluded that this suggested an increase in the complexity of scams.

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