Surge in Telegram Malware Scams Targeting Crypto Investors

The number of reported malware scams targeting crypto investors on Telegram has surpassed that of traditional phishing attacks, according to Scam Sniffer on X this Thursday.

Significant Increase in Scams

According to the blockchain security firm, scams luring crypto investors into malicious Telegram groups increased by 2,000% from November 2024 to January this year, while traditional phishing methods using fake websites remained steady.

More Sophisticated Tactics

Scam Sniffer highlighted that these new Telegram scams use more sophisticated approaches beyond simply posing as crypto influencers. They now target legitimate crypto project communities on the messaging platform with seemingly safe invites.

> “These aren’t your typical ‘connect wallet’ scams,” Scam Sniffer stated. “Attackers are distributing sophisticated malware through fake verification bots, fake trading groups, fake airdrop groups, and ‘exclusive’ alpha groups.”

When users engage in the fake verification process, malicious code can be injected into their clipboard, leading to automatic malware downloads upon execution. Subsequently, attackers are able to access the victims’ passwords, crypto wallet information, and browser data.

Growing Caution Among Users

The security firm noted the adoption of this tactic is a response to users becoming more cautious of known crypto scams. This new form of malware expands the exploiters’ reach through Telegram.

> “Remember: No legitimate crypto service will ever ask you to execute commands, install verification software, or run scripts from your clipboard,” the firm cautioned.

Financial Impact

Recent data from Chainalysis indicates that losses from cryptocurrency scams and hacks reached $2.2 billion in 2024, marking a 24% increase from the previous year. Decentralized finance platforms were the primary source of these illicit funds.