Cryptocurrency traders in India continue to fall victim to high profile scams. CloudSEK researchers have recently discovered a new scam known as CoinEgg, which has defrauded users in India of up to Rs 1,000 crore, according to various media reports.
CloudSEK researchers found that the scheme involves multiple payment gateway domains and Android-based applications.
Attackers first created fake domains impersonating crypto trading platforms with the word ‘CloudEgg’. Victims were then enticed to sign up for fake exchanges using a free credit and start trading. They eventually invested their own money and “seemingly” also made profits.
Once the victims realised the con and complained on other platforms about their experience, the attacker used other fake accounts to reach out to them, posing as investigators. Once the victim added their own money, the attackers would freeze their account to keep them from withdrawing the funds, and eventually disappear.
CloudSEK is the latest company to...
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