Google updates policy to allow ads for US crypto trusts

December 11, 2023 Coin Telegraph

Google Ads data: $4M stolen through crypto phishing URLs

April 27, 2023 Coin Telegraph

Google Ads data: M stolen through crypto phishing URLs

Unsuspecting cryptocurrency users have lost over $4 million to phishing websites promoted using Google Ads.

Data from Google Ads coupled with blockchain analytics reveals that over $4 million has been stolen from users that have fallen for malicious phishing websites promoted on Google.

According to Web3 anti-scam service provider ScamSniffer, malicious adverts for phishing websites have been prevalent on Google ads searches in recent weeks. The URLs lead to fraudulent websites that prompt wallet login signature requests that compromise users’ addresses.

1/ A recent surge in phishing scams via Google search ads has led to users losing approximately $4 million.
ScamSniffer has investigated multiple cases where users clicked on malicious ads and were directed to fraudulent websites.#PhishingScams #GoogleAds pic.twitter.com/vuKCgSuFnV
— Scam Sniffer (@realScamSniffer) April 27, 2023

A number of decentralized finance (DeFi) protocols, websites and brands, including Zapper.fi, Lido, Stargate, Defillama, Orbiter Finance and Radiant, have been targeted by scammers. Slight changes to official URLs make it difficult for users to identify that they’ve clicked on malicious links.

Analysis of metadata from a number of the phishing websites in question has been linked to advertisers located in Ukraine and Canada. The users responsible for placing the malicious adverts make use of a number of methods to bypass Google’s ad review process. This includes manipulating the Google Click ID parameter, which allows the attackers to show a normal webpage during Google’s ad review.

Other malicious adverts use anti-debugging methods to redirect users with developer tools enabled to a normal website, while a direct click takes users to the malicious website. This also allows scammers to bypass some of Google ads’ machine reviews.

On-chain data analysis from addresses linked to malicious websites advertised on Google from ScamSniffer’s database suggests that $4.16 million has been stolen from over 3,000 users over the past month.

The anti-scam service followed on-chain flows of funds to various exchange and mixing services, including SimpleSwap, Tornado Cash, KuCoin and Binance.

Making use of advertising analysis platforms, ScamSniffer suggests that the cost of promoting crypto-related phishing websites is lucrative. The average cost per click for associated keywords is between $1 to $2.

Estimating a conversion rate of 40% from 7,500 users clicking on malicious adverts, scammers have spent around $15,000 on advertising which has provided a return on their malevolent investments of 276%, given the $4 million stolen to date.

A report from Russian cybersecurity and anti-virus provider Kaspersky highlighted an increase in crypto-related phishing attacks through 2022, up 40% year on year with over 5 million phishing attacks identified last year.

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

Google still promoting crypto phishing sites warns Binance boss

October 28, 2022 Coin Telegraph

Binance

In a tweet this week, CZ warned that when searching for CoinMarketCap on Google, phishing sites with an “ad” tag were showing up in front of the actual website.

Binance CEO Changpeng Zhao (CZ) has warned that Google search results are still promoting crypto phishing and scamming websites.

Despite Google’s strict policies on crypto marketing for its ads service, scammers have still been slipping through the cracks over the past few years. At times, scam websites have even been displayed higher than legitimate crypto and blockchain projects.

In an Oct. 27 tweet, CZ warned that when searching CoinMarketCap on Google, phishing sites with an “ad” tag were showing up in front of the actual website.

“This affects users adding smart contract addresses to MetaMask using these phishing sites. We are trying to contact Google for this, and in the meantime alerting users about this through social channels,” he said.

Google displays phishing sites when users search CMC. This affects users adding smart contract addresses to MetaMask using these phishing sites. We are trying to contact Google for this, and in the meantime alerting users about this through social channels. pic.twitter.com/3q4860Jl4H
— CZ Binance (@cz_binance) October 27, 2022

CoinMarketCap is one of the most commonly used crypto data aggregators on the market, was acquired by Binance for an undisclosed fee back in April 2020. Given its popularity, a lot of traffic could be directed towards these scam ads.

In some cases, phishing websites can be hard to spot, as they generally use copycat URLs to trick people that aren't paying attention into clicking. For example, one of the websites CZ highlighted was spelled “coinomarketcaap.”

In April this year, blockchain security firm SlowMist uncovered a Terra (LUNC) related phishing scam in which bad actors were using Google Ads to run copycat websites utilizing Achor Protocol and Astroport branding.

According to SlowMist, the promoted websites ranked ahead of the actual sites people were searching for and went on to swipe around $4.31 million worth of LUNC from 52 addresses between April 12. And April 21.

In November 2021, the research arm of cybersecurity firm CheckPoint also published a report warning that around $500,000 was stolen by scammers who used Google Ads to promote phishing sites that mimicked crypto wallet providers MetaMask and Phantom.

Google’s ads service has been a topic of keen interest this week after parent company Alphabet firm highlighted in its Q3 earnings call that spending on search advertising from financial and crypto firms was down quarter over quarter.

“We did see a pullback in spending by some advertisers in certain areas in search ads. For example, in financial services, we saw a pullback in insurance, loan, mortgage, and crypto subcategories,” said Philipp Schindler, chief business officer of Google. The firm appears to have no qualms about accepting ad payments from scammers, however.

Google’s New Cryptocurrency Ad Policy Goes Into Effect

August 4, 2021 Bitcoin.com

Google running crypto ads again as new policy goes into effect

August 4, 2021 Coin Telegraph

Bitcoin ads

Under Google’s new policy that went into effect on August 3, advertisers offering cryptocurrency exchange and wallet services are once again allowed to market their products.

Google is running crypto ads again after its updated financial products and services policy went into full effect on August 3.

The multinational giant banned crypto and Initial Coin Offering (ICO) related advertisements back in June 2018, and the updated policy allows regulated crypto entities to market their services once again. ICOs have been left out in the cold, however.

Google’s crypto ad policy revision was first outlined in June and stipulates that “advertisers offering cryptocurrency exchanges and wallets” targeting U.S. consumers are allowed to advertise their services and products if they meet specific requirements.

The move will provide additional sales for Google’s parent company Alphabet, although crypto ads will likely be just a drop in the ocean of the company’s $147 billion in advertisin revenue.

Google’s strict requirements are designed to weed out shady advertising and blatant crypto scams. Advertisers must be registered with the Financial Crimes Enforcement Network (FinCEN) as a “money services business and with at least one state as a money transmitter, or a federal or state-chartered bank entity.”

The firm will not allow ads for ICOs, DeFi trading protocols or the promotion of purchasing, selling or trading cryptocurrencies. Celebrity crypto endorsements are also banned, which may help in part with issues surrounding fake celebrity endorsements.

Related: Coinbase sued over Dogecoin sweepstake ad campaign

Google’s updated policy also bars crypto ads from linking to websites that host “cryptocurrency trading signals, cryptocurrency investment advice, aggregators or affiliate sites containing related content or broker reviews.”

Last month TikTok announced that crypto-based promotional content had been banned as part of a move to stop all financial services and products from being advertised on the platform.

Redditors in the r/Bitcoin subreddit saw the news that Bitcoin can once again be promoted via Google as a “bullish” sign for the cryptocurrency, although user “Brief-Music-5825” asserted that Google should “ban fake crypto news as well. The amount of fake news creating FUD is unbelievable.”

Google Announces New Policy for Cryptocurrency Ads

June 2, 2021 Bitcoin.com

google ads