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FakeZero airdrop scam depletes victims’ wallets

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A recent phishing attack involving a fake LayerZero airdrop targeting Twitter users has drained many crypto wallets.

In a recent tweet, security firm Certik advised users to be careful about any airdrops. They further said that the fake giveaway is being promoted on Twitter by accounts impersonating Layer Zero.

The tweets include links to a fake LayerZero website. When users click on links, they are taken to a website that looks like the official LayerZero website.

The fake trading platform required users to link their cryptocurrency wallets to claim the airdrop. Once users connected, the website drained their wallets of all cryptocurrency holdings.

Cryptocurrency scams are on the rise

According to the recent Chainalysis Crypto Crime 2022 Report, cryptocurrency-related crimes saw a staggering 79% global increase in 2021. In just one year, illicit addresses received a staggering $14 billion.

The FTC also revealed that between January 2021 and June 2022, more than $1 billion in cryptocurrency was lost due to various scams, affecting more than 46,000 individuals who reported losses. Among these crimes, scams emerged as the highest revenue form of cryptocurrency-based criminal activity, and their total revenue continues to be significant in 2023.

Numerous cryptocurrency scams have caused significant financial harm to market participants in recent years. One such example is the infamous OneCoin scam, which is estimated to have resulted in losses of over $25 billion. This makes it one of the most prolific cryptocurrency scams ever recorded.

Another notable case is the BitConnect scam, which caused investors to suffer losses totaling nearly $4 billion. In addition, the Bitclub network scam is believed to have resulted in losses of up to $722 million.

Other cryptocurrency scams, such as fake bitcoin investment schemes, rug scams, romance scams, phishing attacks, and fraudulent job offers, have also been recorded in recent years.

Interestingly, cryptocurrency scams, such as pig slaughter (a fraudulent scheme that promises high returns), are becoming increasingly common and account for a large part of scams. Cryptocurrency-related fraud has seen a staggering 183% increase over 2021.

As the cryptocurrency industry advances, governments around the world are stepping up efforts to put in place regulations that mitigate risks and protect investors. Notable events, including the collapse of FTX and regulatory measures taken against exchanges such as Binance, underscore the need for strong oversight.

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