Scammers Use Google Ads to Steal Nearly $60 Million

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  • A report has disclosed that scammers are using Google ads to steal cryptocurrency
  • The scammers have used this method to steal nearly $60 million in nine months
  • They are using wallet draining service MS Drainer to siphon funds

Malicious actors have turned to Google ads to boost their chances of stealing cryptocurrencies from unsuspecting individuals. According to a report by Scam Sniffer, scammers using wallet-draining service MS Drainer have pocketed nearly $60 million by using Google ads and spoofing popular websites to mask their actions. The scammers avoid detection by Google through the use of tricks like page-switching, a sign that malicious actors are getting sophisticated in their craft.

60% are Phishing Ads

In an X (formerly Twitter) thread, blockchain security platform Scam Sniffer also indicated that MS Drainer users prefer running ads on X, noting that they started following the scammers’ trail in March.

The blockchain security platform discovered that the malicious actors use fake websites of Lido, Stargate, Zapper and other popular crypto and blockchain projects in the ads to hide their phishing intentions.

Scam Sniffer revealed that 60% of nine phishing ads on X were linked to scammers using the wallet-draining service with some seeking to take advantage of Bitcoin Ordinals’ popularity. Their efforts have netted them $58.98 million from more than 63,000 victims since March. They’ve deployed over 10,000 phishing websites with May, June and November being their busiest months so far.

Inferno Drainer Shuts Down

The revelations come roughly a month after another wallet drainer, Inferno Drainer, announced that it’s permanently shutting down. Inferno Drainer users are estimated to have siphoned approximately $70 million from the web3 space since January 2023.

It also comes shortly after another report disclosed that scammers are misusing genuine blockchain code to steal funds.

Although the scammers’ tricks continue to be discovered, it’s likely they’ll also continue exploring new ways to steal funds.