Victims' losses allegedly topped $5 million cryptofraud
a vast web of deception spun by the Impulse Team that involves more than 1,000 fraudulent websites.
These websites, part of an affiliate program termed the"Impulse Project," have conned unsuspecting cryptocurrency enthusiasts worldwide through a sophisticated advance fee fraud mechanism. The scam, which appears to have started in 2021, has remained mostly unnoticed due to its vast, convoluted network. The sheer scale of operations ensures that the full extent of the sham has remained hidden despite the fact that individual incidents were previously reported.
The modus operandi of the scam is rather straightforward, but deceptive. Potential victims are enticed with the promise of substantial cryptocurrency rewards. However, to receive these rewards, victims must first make a"small" deposit to activate their accounts. Unfortunately, those who pay never receive anything in return.
Despite the distributed nature of their operations, researchers were able to connect the dots between the websites through a shared database. As a result, once a victim created an account on one site, the login details would work across the entire network.channel that logs transactions for the sham, victims have lost a staggering sum exceeding $5 million.
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