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A new cryptocurrency scam has been discovered in the Bay Area of the United States, targeting Silicon Valley investors for millions of dollars in losses.
Dubbed ‘Pig Butchering’, the crypto scam compromises the victim’s phone by alerting the target to staff working in the crypt while criminals make fake connections on the victim’s phone through dating apps or social media platforms. ABC7 News Bay Area He reported on August 19.
Typically, the scammers send victims a link that impersonates a legitimate crypto trading app or platform. However, after downloading the application, the fraudsters gain access to the victim’s device.
The extent of the scam is not yet known, but once the target phone is infected, the malware can access the victim’s data. At least two victims have been identified, losing a total of about $2.5 million in life savings. One victim in particular is a Silicon Valley tech worker.
Scammers who prey on victims
According to authorities, the scam excels in researching victims before they strike, especially targeting their mobile devices. Additionally, investigators noted that the scams were described as fake malicious apps that could access personal information.
“The applications are very convincing <...> In some cases, it looks just like other apps. Here is a very convincing method <…> Some sites are meant to look like the Apple App Store and even claim to be rated and Apple approved apps. They’re getting more sophisticated,” said Andrew Frey, a financial analyst for the US Secret Service.
In some cases, fake investment platforms even go so far as to provide customer service helplines. However, the victims directly interact with the fraudsters.
The invasion of privacy continues.
Investigators warn that even uninstalling the apps won’t fix the damage immediately, and the privacy invasion could continue. Victims are advised to perform a factory reset.
Users are advised to avoid downloading apps from links sent via WhatsApp and text messages, but to focus only on official platforms such as the App Store and Google Play.
Generally, with the growth of cryptocurrencies, fraudsters are taking advantage of unsuspecting investors. However, during the recent market correction, data shows that revenue from crypto scams has dropped by about 65% in the past year.
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