Scammers pay six digits for misspelled crypto website domains in hopes of fooling victims

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The Washington Post claims that incorrectly entered domain names are being used to trick visitors into thinking they are dealing with legitimate cryptocurrency companies.

The Brazilian also spent more than $ 16,000 to buy conibase.com, which was created to resemble the popular cryptocurrency exchange Coinbase.com.

According to the report, a Brazilian man spent more than $ 200,000 in Bitcoin to purchase incorrectly entered domain names, including wwwblockchain.com, hlockchain.com, and blpckchain.com, between November 2020 and February 2021. The three domain names incorrectly entered are designed to be alike. to the crypto infrastructure provider blockchain.com.

A .com domain name costs around $ 10 on average when you first register. It can then be resold for significant profit on domain reseller websites

Stony Brook University computer science professor Nick Nikiforakis told the Washington Post that conibase.com appears to be a “phishing toolkit” and likely targets high net worth people.

“You don’t go after me and you with a few hundred dollars in your Coinbase accounts, but people with millions of dollars in their crypto accounts.”

Zack Allen, a cybersecurity expert at ZeroFox, told the Washington Post that conibase.com is a sophisticated identity theft website using various detection avoidance techniques, such as automatic detection of bot visitors and redirect them to google instead of the bogus website.

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According to the report, these evasion techniques are commonly used by cyber criminals to avoid detection and prevent unwanted visitors from landing on their bogus websites.

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