Binance CEO Changpeng Zhao (CZ) has warned that Google search results are still facilitating crypto-phishing and scam websites.
Despite Google’s strict policy on crypto-marketing of its advertising services, scammers still slip through the cracks over the past few years. in some cases, Fraudulent sites are also displayed at the top than legitimate crypto and blockchain projects.
In a tweet dated October 27, CZ warned that searching CoinMarketCap on Google will bring up phishing sites tagged “ads” before the actual website.
“This affects users who use these phishing sites to add their smart contract addresses to MetaMask. We are in the process of contacting Google about this, and in the meantime we are warning our users through our social channels.” he said.
Google shows phishing sites when users search for CMC. This affects a user who uses these phishing sites to add smart contract addresses to his MetaMask. We are in the process of contacting Google about this, and in the meantime we are warning our users about this through our social channels. pic.twitter.com/3q4860Jl4H
— CZ Binance (@cz_binance) October 27, 2022
CoinMarketCap, one of the most popular crypto data aggregators on the market, was acquired by Binance in April 2020 for an undisclosed fee. Given their popularity, a lot of traffic can be directed to these scam ads.
Sometimes it can be difficult to find a phishing website. This is because these websites typically use fake URLs to trick inattentive users into clicking on them. For example, one of his websites CZ highlighted was spelled “coinomarketcaap.”
In April of this year, blockchain security company SlowMist It’s been found A Terra (LUNC) related phishing scam where bad actors used Google Ads to run copycat websites leveraging the Achor Protocol and Astroport brands.
According to SlowMist, the advertised website ranked higher than the actual site people were searching for, and about $4.31 million worth of LUNC was delivered from 52 addresses between April 12 and April 21. swiped.
In November 2021, the research arm of cybersecurity firm CheckPoint will also It was published Reports warn that about $500,000 was stolen by scammers using Google ads to promote phishing sites mimicking crypto wallet providers MetaMask and Phantom.
Google’s advertising service said this week that parent company Alphabet said in its third-quarter earnings call, Search ads for financial and cryptocurrency companies decreased from the previous quarter.
“In certain areas of search advertising, we saw a decline in spending by some advertisers. For example, financial services saw setbacks in subcategories of insurance, loans, mortgages and cryptocurrencies.” said Philipp Schindler, Google’s Chief Business Officer. However, the company seems to have no qualms about accepting payments for ads from scammers.