A new report reveals that cybercriminals are employing a sophisticated tactic: faking popular news websites like CNN, BBC, and CNBC to lure individuals into fraudulent cryptocurrency investment schemes. Researchers at CTM360 identified over 17,000 such deceptive sites, which publish fabricated articles featuring well-known public figures, including national leaders and central bank governors. These articles falsely link the prominent individuals to “fabricated investment schemes,” aiming to build trust and encourage victim engagement. The sheer volume and professional design of these fake news sites make them highly convincing to unsuspecting users.
The scam’s reach extends across more than 50 countries, demonstrating a significant global operation.
The fraudulent websites are meticulously tailored to local audiences, incorporating native languages, regional celebrities, and familiar financial institutions to enhance their perceived credibility. While many victims are concentrated in the Middle East, individuals in Europe and the United States have also fallen prey to these schemes, highlighting the broad impact of this cybercrime. The criminals leverage advertisements on platforms like Google and Meta to redirect users to these bogus news articles, initiating the deceptive funnel.
Upon clicking the fake news articles, users are directed to fraudulent investment platforms, often branded as Eclipse Earn, Solara, or Vynex.
These platforms are designed with remarkable professionalism, featuring elaborate fake dashboards, manipulated profit data, and fabricated testimonials to appear legitimate. They promise high returns through automated crypto trading, enticing victims with the prospect of quick wealth. The initial steps involve victims registering by submitting personal information and uploading identification documents such as national IDs or passports, seemingly for verification purposes.
Following registration, victims are prompted to deposit an initial sum, typically around $240. However, no actual trading occurs on these platforms. Instead, the sophisticated dashboards display fake profit growth, serving as a manipulative tool to convince victims to continue depositing additional funds. When victims eventually attempt to withdraw their supposed earnings, they encounter a frustrating array of delays and obstacles. These include demands for further fees, new minimum balance requirements, or extended verification procedures, all designed to prevent victims from reclaiming their money.
While the total amount stolen by these criminals remains unclear, researchers emphasize that the personal and financial data collected from victims is a valuable commodity. This sensitive information is frequently resold on the dark web or repurposed for future phishing and various fraud campaigns. This sophisticated scam underscores a common tactic among cybercriminals: impersonating popular brands to gain trust and exploit individuals. This trend was further exemplified by a recent discovery of a sprawling network of fraudulent retail websites mimicking major global brands, illustrating the pervasive nature of brand impersonation in online criminal activities.
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