Group-IB presented the findings of its research into various scam schemes at the Digital Risk Summit 2022 online conference, which was divided into analytical and technology-related streams.

Sophos, a global provider of next-generation cybersecurity, published threat research on emerging cybercrime in the article “Liquidity Mining Scams Add Another Layer to Cryptocurrency Crime” today.

According to Group-Digital IB’s Risk Protection team, a single scam network’s potential victim pool is estimated to be around 10 million people, with potential harm totaling around $80 million every month.

“Scammers are leveraging compromised YouTube accounts to promote fake cryptocurrency giveaways for Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, Shiba Inu and other cryptocurrencies,” said Satnam Narang, Staff Research Engineer at Tenable.

“The extent to which cyberattackers abuse Google Forms came to light while we were researching how malware abuses encryption to conceal its activities and communications,” said Sean Gallagher, senior threat researcher at Sophos.