Resecurity warned about fraudulent BRICS tokens

[Teacher]

Cybersecurity company Resecurity warned about fake BRICS tokens and reported that scammers have often issued fake crypto assets on behalf of Fortune 100 firms.

The researchers noted the growing trend of issuing fake tokens, the creators of which are covered by well-known companies. Attackers impersonate major brands, government agencies, and even call their tokens national fiat currencies. Many scammers pose as oil corporations and regulators, especially often referring to the Monetary Authority of Singapore (MAS) and central banks in the Middle East.

Specifically, Resecurity mentioned a fake token called BRICS. Fraudsters decided to take advantage of the hype around the BRICS interstate association, which includes nine states: Russia, Brazil, India, China, South Africa, the United Arab Emirates, Iran, Egypt and Ethiopia. The BRICS Union, founded in 2006, aims to strengthen cooperation among its members on economic, political and social issues. Using the international image of the organization, scammers have already conducted an initial coin offering (ICO), according to Resecurity.

The researchers noted that platforms like <url> are particularly popular among scammers. Lobstr.co which allow you to create tokens on the Stellar network and do not impose strict requirements on users.

Solidus Labs confirmed the findings of Resecurity, noting that the creators of fake tokens have already deceived more than 2 million investors, surpassing the number of affected cryptocurrency platforms FTX, Celsius and Voyager. Scams also often occur in the decentralized finance (DeFi) sector, when attackers make changes to smart contracts to deceive investors, or when developers leave the project, disappearing with investors funds.

 

[Teacher]

Trap Tokens: Scammers Use BRICS Image for Their Scams

It turns out that naive investors are very easy to deceive.

Analysts have identified an alarming growth trend in cryptocurrency fraud, especially among Fortune 100 companies.

According to a report published today by researchers from Resecurity, attackers create fake tokens on behalf of well-known companies, brands, and even government agencies.

In the rapidly growing decentralized finance and crypto industries, scammers are exploiting the interest of investors for their machinations.

Resecurity pays special attention to a fake token called "BRICS", which is still in circulation. The criminals took advantage of the hype surrounding the BRICS international organization, which unites the five largest emerging economies: Brazil, Russia, India, China and South Africa.

Established in 2006, the BRICS Forum aims to expand cooperation between its member countries on economic, political and social issues.

The attackers exploited geopolitical sentiment by spreading misinformation about new countries joining the alliance and even offering an initiative to create a gold-backed currency. Using the image of the organization, scammers conducted an initial coin offering (ICO, Initial Coin Offering) to promote a fake token with various incentives.

Platforms like Lobstr.co token creation services on the Stellar network, according to Resecurity, have become hot spots for such scams because of their flexibility.

These criminal schemes often involve organizations like the Monetary Authority of Singapore and central banks in the Middle East.

According to Solidus Labs, the scale of such scams exceeded even the consequences of high-profile scandals like the collapse of FTX, Celsius and Voyager-the number of affected investors is estimated at more than 2 million. Experts note two of the most common fraud schemes: changing the code of smart contracts to steal currency, and withdrawing funds-when the project creators disappear along with the investors ' money.

The simplicity of such schemes against the background of low barriers to entry into the crypto industry creates serious problems. Resecurity calls for increased vigilance and the introduction of tough regulatory measures to combat fraudsters.