Beware! Scammers are misusing Google Ads to steal money from cryptocurrency wallets

As if the volatile nature of cryptocurrencies wasn't bad enough, scammers have devised a new method for stealing your wallet information.

According to Check Point Research, scammers cloned popular crypto wallets and platforms like Phantom and MetaMask (CPR). When the victim clicked on the ad, they were taken to a website that looked exactly like a prominent wallet brand's interface and stole their wallet login credentials.

This resulted in the theft of more than $500,000 in cryptocurrencies over the weekend, according to CPR. CPR uncovered 11 hacked wallets with funds ranging from $1,000 to $10,000, but the scammers were able to withdraw some of the funds before they were discovered.

"In a matter of days, we witnessed the theft of hundreds of thousands of dollars worth of crypto," said Oded Vanunu, Head of Products Vulnerabilities Research at CPR.

"We estimate that over $500k worth of cyrpto was stolen this past weekend alone. I believe we're at the advent of a new cyber crime trend, where scammers will use Google Search as a primary attack vector to reach crypto wallets, instead of traditionally phishing through email," Vanunu added.

According to Vanunu, each fake website includes "careful messaging and keyword selection," allowing criminals to fool Google Search and appear at the top of the results. The websites to which the victims were led were identical, even up to the brand messaging.

"Unfortunately, I expect this to become a fast-growing trend in cyber crime. I strongly urge the crypto community to double check the URLs they click on and avoid clicking on Google Ads related to crypto wallets at this time," said Vanunu.