The use of Google ads in a cryptocurrency scam, and one user lost $ 15,000

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Avatar for Mary388
3 years ago

One of the users, who goes by the name "Kazio Quezonus," lost $ 15,000 after being exposed to a fraud.

The rationale for the fraudulent operation that this victim was exposed to began by clicking on one of the Google ads promoting participation in what was described as an "initial sale of a new Chinese digital currency", in order for the victims to be transferred to the "Yuan Pay Group" site.

According to the source, the suspected site is alleged to be trying to take advantage of the rumors of the launch of the expected Chinese digital currency, the "digital yuan," the currency that China has been working on for a while, but it has not yet been launched.

The fake ad mentions that "China has launched the new yuan," which has sparked interest in this particular user.

According to the victim "Kizonos", the alleged cryptocurrency scam was carried out via a platform called "Coindaq.io".

Where the process is as follows:

Displaying fake ads on the Google ads service, after clicking on the ad, users are transferred to the “Yuan Pay Group” page, after which the Coindaq.io platform acquires any money deposited with it, by luring users to offer the digital yuan for sale.

The “Yuan Pay Group” landing page looks similar to other cryptocurrency projects that resemble an ICO and present itself as the only authorized entity to sell and trade the Chinese digital yuan.

The alleged fraudsters also use pictures of "Peter Thiel" and "Richard Branson" as part of the fraud.

Hacking advertising policies in "Google":

The advertised website appears to be used as a temporary page on which users land before they are apparently automatically redirected to the fraud platform.

Fraudsters use the name "Coindaq" which is a platform for analyzing cryptocurrencies but is not an exchange and its domain name bears .net while the one in the scam is called .IO.

In his complaint, the victim asks Google to verify the ad to help prevent further fraud.

Google imposed strict guidelines and was, in the past, wary of promoting cryptocurrencies.

But in recent months, fraudsters have already bypassed Google's advertising policies, as some fraudsters have previously promoted a fake Uniswap platform by also relying on Google ads.

Therefore, we reiterate in Bitcoin Arabs the need to carefully check the trading platform or any site before depositing money into it, and the need to save sites and trading platforms in the browser favorites instead of accessing them through the Google search engine to avoid scenarios similar to what was mentioned in this article.

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Avatar for Mary388
3 years ago

Comments

I don' t know why people make a scams, ok reason is money, but why, do you want to be a milioner for one day, Ireally don't know, but, scams are everywhere!

$ 0.00
3 years ago

scams are everywhere nowadays, so its better to keep learning about scams so you don't get scammed yourself :)

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3 years ago

The scammer become more smart and this google ads was also need some improvement to prevent another something like this

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3 years ago