Police warn that new cryptocurrency ad scams can be a real drain on your wallet

Release Date: January 17, 2024

Have you seen online ads stating you can make tons of money with cryptocurrency? Be careful, many of these ads are scams. Social engineers want to make you think you can get rich quickly. But they are trying to trick you into providing personal information.

Recently, cybercriminals have exploited advertisements on X, better known as Twitter. They use the ads to promote websites that lead to crypto scams. If you click on the ad, you will arrive on a page that asks you to set up an account on a fake site. To exchange cryptocurrencies like Bitcoin, you need a crypto wallet. So, you will be asked to connect this fake account to a crypto wallet. Since you are on a malicious phishing page, it drains the cryptocurrency from your connected wallet. Then, it will send your cryptocurrency to the cybercriminal’s account.

Follow these tips to avoid falling victim to one of these scams:

• Think before you click. If an ad makes huge promises or pressures you to act fast, don’t trust it.
• Set up an ad blocker on your internet browser. The blocker stops many ads from showing up, so you won't see or click on harmful ones.
• Stick to sites you trust. Stay away from ads on websites or social media that you're not familiar with.

Stop, look, and think. Don’t be fooled by the scammers.