The use of Google ads in a cryptocurrency scam and a user losing 15 thousand dollars
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Answer The use of Google ads in a cryptocurrency scam and a user losing 15 thousand dollars
A user named “Casio Quizonos” lost $15,000 after being scammed.
The reasons for the fraud that this victim was exposed to began by clicking on a Google ad promoting to participate in what was described as an “initial sale of a new Chinese digital currency”, so that the victims were transferred to the “Yuan Pay Group” website.
Based on the SourceIt is alleged that the suspicious site is trying to take advantage of rumors of the launch of the awaited Chinese digital currency “Digital Yuan”, the currency that China has been working on for some time, but it has not been launched yet.
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The fake ad mentioned that “China launched the new yuan,” which sparked the interest of this particular user.
According to victim Quezonos, the alleged cryptocurrency scam took place via a platform called Coindaq.io.
Where the process is as follows:
Displaying fake ads on the Google Ads service, after users click on the advertisement, they are transferred to the “Yuan Pay Group” page after that to the Coindaq.io platform, which takes possession of any money deposited with it, by tempting users to offer the digital yuan currency for sale.
The “Yuan Pay Group” landing page looks similar to other cryptocurrency projects that are similar to ICOs and present themselves as the only authorized entity to sell and trade the Chinese digital yuan.
Alleged scammers are also using photos of Peter Thiel and Richard Branson as part of the scam.
Hacking Google’s advertising policies:
The advertised website appears to be used as a temporary page where users land before they are apparently automatically redirected to the fraud platform.
The scammers use the name “Coindaq” which is a cryptocurrency analysis platform but it is not an exchange and its domain name is .net while the one in the scam is .IO.
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In his complaint, the victim asks Google to verify the ad to help prevent further scams.
Google has imposed strict guidelines and has in the past been wary of promoting cryptocurrencies.
But in recent months, fraudsters have already bypassed Google’s advertising policies, as some fraudsters have previously promoted a fake Uniswap platform, also relying on Google ads.
Therefore, in Bitcoin Arabs, we repeat the need to make sure and wait well from the trading platform or any site before depositing money with it, and the need to save sites and trading platforms in the browser’s favorite instead of accessing them through the Google search engine to avoid scenarios similar to what was mentioned in this article.
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