Russian Crypto Scams Triple in First Half of 2020

• Researchers identified 23,000 sites involved with crypto scams that are still online and targeting new victims

• Kaspersky Labs and other malware labs have identified a sharp rise in crypto-related scams in Russia during the first half of 2020- 3X times greater than during the same period last year

• One common example sees victims offered the chance to complete surveys in order to receive commissions — however, they’re required to pay an “entrance fee” first

• Another scam, identified by Qrator Labs, involved sites that offered victims more than $275 per hour to mine cryptocurrencies via their unused computing power, but never delivered the payments

Source: CoinTelegraph

By Vivek Jain

Analyst at Axis Bank