According to recent research, the growth of the crypto ecosystem has sparked interest in scam sites that prey on investors by leveraging YouTube streaming and other resources. Scammers are now using sophisticated script tools to exploit other scammers. A new class of threat actors known as Water Labbu targets third-party cryptocurrency fraud websites to utilize their drawn-in visitors as targets for its attack.
The cybersecurity and antivirus company Trend Micro recently reported that Water Labbu had successfully infected 45 cryptocurrency fraud websites. The firm also found that this fraud affected at least nine addresses, which allowed the attack to steal more than $300,000.
When a user has more than a certain sum of cryptocurrency in his wallet, the attacker inserts a script into the cryptocurrency scam web page, typically a lending-liquidity giving page that sends an authorization prompt to the user’s cryptocurrency wallet.
The wallet will be empty of all the available USDT if the user allows the request, which is intended to appear like a legitimate token allowance request from a Web3 site.
Water Labbu steals cryptocurrency from the customers who are being conned and also makes use of the resources of the fraud website, which has previously invested in numerous channels to draw in the consumers, which makes it a double scam attack.
This is a double scam attack because Water Labbu both steals cryptocurrency from the customers who are being conned and also makes use of the resources of the fraud website, which has previously invested in numerous channels to draw in the consumers.
Users should adhere to the same best practises guidelines to steer clear of other frauds involving cryptocurrencies in order to prevent falling victim to this kind of attack. Any requests to invest that come from unreliable sources should be avoided by users. Furthermore, people must properly investigate the authenticity of any unproven platform and comprehend what it accomplishes in order to trade bitcoin funds on it.
Being highly aware of the token approval restrictions and carefully reviewing each transaction before the used cryptocurrency wallet signs it are two more ways to avoid this kind of scam.