Hackers convert LinkedIn into a crypto-scamming tool

A new LinkedIn fraud is distributing wallet-draining malware to crypto professionals by impersonating recruiters from reputable companies.

Cyberattacks continue to pose a challenge to the crypto industry, as hackers are constantly improving their strategies. A new surge of frauds targeting crypto professionals via LinkedIn has emerged, illustrating the escalating sophistication of these malevolent schemes.

Taylor Monahan, a Web3 security expert, disclosed a social media-based fraud on December 28 that was intended to disseminate malware that drains users’ wallets. These cybercriminals utilise professional platforms and tools to establish trust and entice victims by assuming the identity of recruiters from reputable organisations.

The assailants initiate the process by generating fabricated LinkedIn profiles that appear to be legitimate. Subsequently, they engage in informal conversations, asserting that they represent prominent organisations and providing appealing employment prospects. This approach frequently proves effective in the recruitment of individuals who are not actively pursuing employment.

In order to intensify their deception, the fraudsters implement legitimate instruments, such as the Willo Video interviewing platform, which is in frequent use by established crypto firms. Employers furnish victims with comprehensive job descriptions and interview enquiries, which contributes to their professionalism. Subsequently, they comply with instructions to record video responses. Nevertheless, the platform intentionally disables the camera and microphone, citing technical difficulties.

The fraud intensifies at this juncture. The “How to repair” link for victims contains detrimental instructions. Compromising their devices is the consequence of applying these procedures. Upon execution, victims unknowingly permit assailants to seize control, which may result in the depletion of their crypto purses.

“You are guilty if you comply with their directives. Depending on whether you are using Mac, Windows, or Linux, the specifics may differ. However, Chrome will prompt you to update or restart in order to “resolve the issue.” It is not resolving the problem.” Monahan declared, “It is entirely your fault.”

The amount of money that these schemes have syphoned from crypto users was not yet known at the time of publication. Nevertheless, this strategy is reminiscent of previous occurrences, such as a high-profile assault that targeted employees of Ginco, a Japanese crypto wallet software company. The DMM Bitcoin exchange was reportedly the victim of a theft of $305 million in Bitcoin by hackers who employed these social engineering techniques.

The FBI, Japan’s National Police Agency, and the Department of Defence Cyber Crime Centre conducted an investigation into the intrusion, which underscored the increasing risks associated with platforms such as LinkedIn.

LinkedIn has taken a lot of steps to stop fake accounts, but there are still big problems. The platform disclosed in its 2024 fraud report that it eliminated more than 80 million fraudulent profiles within a six-month period. Either through proactive restrictions or at registration, automated systems prevented 94.6% of these accounts.

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