Binance CEO Changpeng Zhao (CZ) has warned that Google search results favor phishing and fraudulent websites. Here are the details…
Binance CEO warns of scams
Google has strict policies on crypto marketing for its advertising service. But, scammers are still on Google for the past few years. Sometimes scam websites even rank higher than legitimate crypto and blockchain projects. In his October 27 tweet, CZ said he had searched Google for CoinMarketCap. But he warned that phishing sites would appear with the “advertising” tag in front of the real website. CZ used the following words:
This affects users who add smart contract addresses to MetaMask. We are trying to contact Google for this and we are warning users about this issue through social channels.
CoinMarketCap is one of the most widely used crypto data aggregators in the market. Koindeks.com As we have also reported, it was purchased by Binance in April 2020 for an undisclosed price. Considering their popularity, a lot of traffic can be diverted to these scam ads. They often use fake URLs to get people to enter the site. Therefore, detecting phishing websites can be difficult. For example, one of the websites in the image in CZ’s tweet was written as “coinomarketcaap”.
The size of phishing sites is increasing
In April of this year, Blockchain security firm SlowMist published a report. He stated that the bad actors use the Achor Protocol and Astroport brand. He then revealed that they use Google Ads to feature impersonated websites. According to SlowMist, promoted websites rank ahead of real sites people search for. Between April 12 and mid-April 21, Luna Classic (LUNC) was stolen from 52 addresses for approximately $4.31 million. Ordinary, it is worth noting that at that time it was LUNA instead of LUNC.
In November 2021, the research arm of cybersecurity firm CheckPoint also issued a warning that approximately $500,000 was stolen by scammers using Google Ads to promote phishing sites impersonating crypto wallet providers MetaMask and Phantom. Google’s ad service has been a hot bet this week, after parent company Alphabet’s third-quarter earnings saw financial and crypto companies report spending on advertising fell compared to the previous quarter.
Meanwhile, as it is known, scams such as rug pull in the crypto money field are also a lot. Blockchain security firm CertiK discovered that rug pulls, a type of theft that occur when owners of a crypto project run away with funds raised from their investors, dominated scams worldwide in August this year, but said the overall number is still lower than in July.