Security researchers have recently discovered a series of new phishing campaigns that are taking advantage of the collapse of Silicon Valley Bank (SVB) to target cryptocurrency holders. These campaigns are using the SVB collapse as a lure to steal cryptocurrency from unsuspecting victims.
Proofpoint, a leading cybersecurity company, has identified lures related to USD Coin (USDC), a digital stablecoin tied to the dollar, that has been impacted by the SVB collapse. The phishing messages impersonate various cryptocurrency brands and are sent via malicious SendGrid accounts with SendGrid URLs. These URLs redirect to different domains where victims are prompted to claim their crypto or redeem it to USD. By clicking on the button, victims are directed to a DeFi URL, requiring them to have a DeFi handler like MetaMask wallet installed. Subsequently, victims are tricked into installing a smart contract that transfers the contents of their wallet to the attacker.
Following the SVB collapse, P2P payments technology firm Circle announced that USDC would remain redeemable at a 1:1 rate with the dollar, leading to additional phishing campaigns. Cyble, a cybersecurity firm, has observed phishing sites impersonating Circle offering the 1:1 deal. Some of these sites prompt users to scan a QR code, which ultimately compromises their crypto wallet.
In a separate phishing campaign, Cyble also identified sites impersonating SVB and promoting a fake USDC reward program. Victims are instructed to scan a QR code using a cryptocurrency wallet like Trust, MetaMask, or Exodus to claim the promised USDC. However, scanning the code results in the compromise of the user’s wallet account.
These phishing campaigns highlight the importance of staying vigilant and cautious when dealing with cryptocurrency transactions. It is crucial for individuals to verify the authenticity of websites and messages before providing any personal information or engaging in transactions. By being informed and proactive, users can better protect themselves from falling victim to these deceptive tactics.