Example of Crypto Liquidity Scam
OXFORD, United Kingdom, May 17, 2022 (GLOBE NEWSWIRE) — Sophos, a global leader in next-generation cybersecurity, today released threat research about nascent cybercrime in the article, “Liquidity Mining Scams Add Another Layer to Cryptocurrency Crime.” The article is the first in a series lifting the lid off scammers who are taking advantage of the hype about cryptocurrency trading and the vast sums of digital wealth users have made (and lost) in crypto markets to lure in and swindle would-be investors.
In the investigative article, Sophos explains how the complexity of cryptocurrency and decentralized finance (DeFi), the foundations of liquidity mining, create the ideal environment for criminals to easily camouflage and carry out their malicious intentions. Scammers are not shy when it comes to targeting their victims; they proactively spam recipients via Direct Message on Twitter, What’s App, Telegram, and other social networking platforms, and innocuously chat about liquidity mining to put targets at ease. From there, scammers escalate the swindle.
“Interactions from a single Direct Message on Twitter led to Sophos’ investigation that uncovered several liquidity mining fraud rings. Liquidity mining is a form of…
