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A new cybercrime has surfaced in which hackers are snatching cryptocurrency wallets through Google Ads. According to Check Point Research (CPR), scammers are creating adverts at the top of Google Search that replicates prominent wallet companies like Phantom and MetaMask to deceive users into handing up their crypto wallet passphrase and private key.

In a blog post, CPR states that scammers used Google Ads at the top of Google Search to entice customers by imitating popular wallets and platforms. Over $500k worth of cryptocurrency was taken in a few days, according to the company.

How does the fraud work?

Scammer places a Google Ad at the top of a search query for a cryptocurrency wallet. The victim is directed to a phishing website that looks identical to the genuine wallet website after clicking on the malicious link that is displayed as Google Ads.

If you already have a wallet, the bogus website will attempt to steal your pass; otherwise, it will offer you a new pass for your freshly established wallet. The fraudster will obtain access to your wallet in either case and will be able to steal all of your cryptocurrency.

How to Keep Yourself Safe

<!--[if !supportLists]-->·         <!--[endif]-->CPR advises the crypto community to remain vigilant and provides safety guidelines for those who want to keep safe.

<!--[if !supportLists]-->·         <!--[endif]-->Before clicking any link, double-check the URL in your browser. In the URL, the padlock symbol must appear.

<!--[if !supportLists]-->·         <!--[endif]-->Locate the icon for the extension. The extension will have a chrome-extension URL and an extension icon near it. Only the extension should create the password, and always check the browser URL to see if it's an extension or a website.

<!--[if !supportLists]-->·         <!--[endif]-->No one should ever ask for a user's password, and no one should ever give it out. It should only be used once more when setting up a new wallet.

<!--[if !supportLists]-->·         <!--[endif]-->Skip the commercials. If you're looking for wallets, crypto trading and swapping platforms in the crypto world, always look at the first website that comes up in your search, not the ad, as these might lead you astray and lead to a scam.