Phishing ads were discovered on the Etherscan blockchain explorer website

Scam Sniffer suggested that the cause of the large-scale phishing campaign was a lack of oversight by ad aggregators

08.04.2024 - 13:05

3 min

What’s new? X user under the nickname McBiblets has discovered that some ads on the Etherscan blockchain explorer website for the Ethereum blockchain were phishing ads, and warned against clicking through to the fraudulent pages. Further investigation revealed that the ads appearing on Etherscan were also displayed on known phishing websites.

Source: Twitter.com

What else is known? Experts at analytics platform Scam Sniffer found that phishing ads had spread beyond Etherscan and began appearing on popular search engines such as Google, Bing, DuckDuckGo, and X. The company suggested that the lack of oversight by ad aggregators was the reason for the massive phishing campaign:

“Etherscan aggregates ads from platforms like Coinzilla and Persona, where insufficient filtering could lead to exposure to phishing attempts.”

The essence of the scheme is that users are lured to fake websites and offered to connect crypto wallets. Fraudsters can then withdraw funds to personal addresses without user authentication or authorization.

SlowMist’s chief information security officer also issued a warning about phishing ads on Etherscan.

Source: Twitter.com

Etherscan already experienced a similar situation in 2022. Back then, malicious banners were also found on the website of crypto market data aggregator CoinGecko and other industry analytical portals.

In February, Blockaid experts reported that the Angel Drainer phishing group stole $403 000 from 128 crypto wallets using Etherscan to hide the malicious nature of smart contracts. The scammers deployed the malicious Protocol Safe (formerly Gnosis Safe) contract to create a “false sense of security” as Etherscan automatically adds a verification flag to confirm the legitimacy of the contract.

Source: Twitter.com

Scam Sniffer reported that crypto users lost nearly $47 million to phishing attacks during February this year. The Ethereum blockchain accounted for 78% of the total number of thefts.

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