Sophos released threat research about nascent cybercrime in the Article, “ Liquidity Mining Scams Add Another Layer to Cryptocurrency Crime” This article is the first in a series that wraps up scammers taking advantage of the hype about cryptocurrency trading and the huge amount of digital wealth consumers (and lost) in the crypto markets to attract and deceive investors.
In the investigative article, Sophos explained how the complexity of cryptocurrency and decentralized finance (DeFi), the foundations of liquidity mining, create a favorable environment for criminals to easily camouflage and execute their malicious intentions.
Scammers are not ashamed to target their victims; They pre-spam recipients via direct messages on Twitter, WhatsApp, Telegram, and other social networking platforms and chat about risk mining without the hassle of keeping targets easy. From there the fraudsters are escalating the scam.
“The interactions from a single direct message on Twitter have led Sophos to investigate, uncovering several liquidity mining fraud rings. Senior Mu. “The strategies behind the investments are complex and have no control beyond the ‘smart contract’ code embedded in the DeFi network blockchain – although it was published publicly, it was not easily understood by many, and the lack of credible information for new ones. , Liquidity mining is the latest cryptocurrency investment craze, but for these reasons, it is the right platform for scammers to gain leverage.
Sophos recommends that device users install the Sophos Intercept X for mobile for security against potentially harmful liquidity mining applications. Users should not be engaged with random direct messages about liquidity mining from unknown sources through Twitter, What’s App, Telegraph, and other social networking platforms.
