Several Indian investors are falling for high-profile scams related to cryptocurrencies and crypto-trading, a recently published study has found.
An investigation by India cybersecurity firm CloudSEK researchers revealed that threat actors were behind the “CoinEgg Scam” in which the team of researchers found a persistent harmful scheme that involved several payment gateway sites, Android-based applications, used to entice unwary people into a widespread gambling scam.
According to their findings, “The loss of users to the CoinEgg VIP scam is estimated at Rs 10 billion [Rs 1,000 crore]. A user has also claimed to have lost Rs 50 lakhs to this cryptocurrency scam, including additional costs such as the deposit amount, tax, etc.”
CloudSEK’s Threat Analyst team said the threat actors established several fictitious domains with the keyword “CloudEgg” in them that looked like cryptocurrency trading sites.
It is noteworthy that the original web address of CoinEgg is www[.]coinegg[.]com. This company is a UK-based cryptocurrency exchange that provides trading services for virtual currency assets.
It was noticed that the dashboard and user interface of the sites are created to be exact replicas of the original website and the scam was conducted by threat actors in multiple phases.
“In the first phase of the scam, CoinEgg users are deceived into depositing an amount to the fake wallet, to invest it in a listed cryptocurrency. After which, threat actors freeze the…