A questionable Russian-based cybercrime forum has recently announced a contest for crypto scammers. The focus of the contest is to find the best ways to steal from digital wallets and look for ways to obtain the encryption key. It should be noted that private keys are essential for obtaining access to any digital wallet address. This contest is not just a novelty, but it has been incentivized.
The winning hackers to submit the best method of obtaining or cracking the private keys would be rewarded with a sum higher than 100 thousand dollars. The reward pool has recently been increased by one forum member adding $15,000 for the winning submission. As soon as the contest was announced, many hackers and scammers took part by submitting their papers and entering a qualifying competition.
Intel 471 is a cybercrime watchdog that intercepted the news about an ongoing crypto scam contest. The cybersecurity and intelligence company reported that teams of bad actors are looking to launch mining software viruses, disruptive smart contract protocols, and illegal NFT burners. It was also included in the report that the different teams are submitting new ways to breach the digital wallet security protocols.
One hacker proposed manipulation of API on the heavily populated crypto exchange platforms. Some other bad actors want to create a phishing generation site that would manually acquire private keys and seed phrases from the digital wallet owners. These types of contests are becoming a norm on underground online forums. Crypto scams would be on the rise in the upcoming months.
Cybercriminals are Behaving like Business Corporations to Conduct Crypto Scams
It is a matter of grave concern that underground online forums have started to become more organized. Just as businesses keep working on new methods to increase their profits, these criminal enterprises are incentivizing hackers to indulge in crypto-based crimes and reap benefits from an illegal methodology.
As reported by Intel 471, these criminal forums are also responsible for treating ATM scams, proof of stake fraud, misleading GPS signals, and botnet activities. To make the matter worst, any hacker who can submit a paper in the contest would be able to get a reward of $50. It is needed that the cybersecurity agencies also play their part in raising awareness about these scams and creating more secure channels for crypto investors.