cryptodailytrading.com

Dark Web Scammer Allegedly Earned 200 BTC by Faking Domain Names

  • Alex Morris
    📰 News

    You might have helped this scammer earn a fortune by incorrectly typing the domains of your favorite websites. A network of typosquats, which has been detected by cybersecurity company Digital Shadows, allegedly made a whopping $792,000 worth of Bitcoin over the span of four years


Dark Web Scammer Allegedly Earned 200 BTC by Faking Domain Names
You may also like:
Contents

A scammer has reportedly made 200 BTC  on the dark web with the help of typosquatting. However, cyber threat intelligence company Digital Shadows claims that they couldn’t verify whether these claims were valid.

scammer

👉MUST READ BTC Criminal Is Selling 26 Mln Users’ Personal Data for Bitcoin on Dark Web
BTC Criminal Is Selling 26 Mln Users’ Personal Data for Bitcoin on Dark Web

A network of typosquats   

Criminals specifically target dark web websites since their domains are much longer, and it’s easy to trick uninitiated users. One might think that one domain wouldn’t be a big deal, but the report actually states that there is a large-scale a network of typosquats that has been active for at least four years and includes more than 800 domains.

👉MUST READ Trojan Malware Campaign Attempting to Compromise Cryptocurrency Trading Firms
Trojan Malware Campaign Attempting to Compromise Cryptocurrency Trading Firms

Monetizing typosquatting

The bad actors (it could also be a single person or entity) earned as much as 200 BTC ($792,642 at press time). That essentially proves that brand impersonating can be a perfect money-making opportunity – criminals earn a lot of by running ads on fake websites and accepting payments from gullible visitors. As mentioned above, Digital Shadows still couldn’t verify whether the group managed to amass such a huge amount of money.

👉MUST READ Denver Man Would Use Darknet and Bitcoin For Selling Drugs Throughout US
Denver Man Would Use Darknet and Bitcoin For Selling Drugs Throughout US

Being cautious

In order to prevent such ‘black swan’ situations, Digital Shadows recommends its customers to monitor for typosquats and report them. The same applies to fake social media profile that can also put a damper on the company’s reputation.

Cover image via u.today
Subscribe to U.Today on Twitter,and get involved in all top daily crypto news, stories and price predictions!
👓 Recommended articles

Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
You may also like:

It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

👉MUST READ Bitcoin’s Price Rally Was Accurately Predicted by Anonymous 4chan Poster. $16,000 in October?
Bitcoin’s Price Rally Was Accurately Predicted by Anonymous 4chan Poster. $16,000 in October?

Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

👉MUST READ This Is the Happiest Bitcoin Investors Have Been Since 2016: Tom Lee
This Is the Happiest Bitcoin Investors Have Been Since 2016: Tom Lee

Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

Cover image via 123rf.com
Subscribe to U.Today on Twitter,and get involved in all top daily crypto news, stories and price predictions!
👓 Recommended articles