What Occurred: A brand new report from international cybersecurity agency BrandShield finds that suspicious area registrations for Dogecoin (CRYPTO: DOGE) have been up 13,331% since August 2020.
This proportion enhance is 35 occasions higher than the variety of suspicious domains registered for Ethereum (CRYPTO: ETH), the second-largest cryptocurrency by market cap.
Since final yr, suspicious domains registered for Ethereum and Bitcoin (CRYPTO: BTC) have been up 376% and 324%, respectively.
BrandShield’s evaluation additionally discovered that along with the explosive progress in faux Dogecoin web sites, cybercriminals have been additionally leveraging Tesla Inc’s (NASDAQ:TSLA) CEO, Elon Musk, identify to defraud traders throughout social platforms.
Why It Issues: “As cryptocurrency receives extra mainstream protection, traders of all expertise ranges are flocking to the choice capital markets, whether or not to commerce belongings for the primary time or diversify their investments,” stated Yoav Keren, co-founder, and CEO of BrandShield.
“It shouldn’t shock anybody that cybercriminals are following the cash and focusing on retail traders with each growing frequency and class via a wide selection of fraud schemes.”
Even cryptocurrency exchanges like Coinbase International Inc (CRYPTO: BTC) and Binance turned a preferred goal for cybercriminals.
Coinbase noticed a 1728% enhance in faux web sites, whereas Binance noticed a 616% enhance over the identical interval.
A Federal Commerce Fee (FTC) report from earlier this yr discovered that customers misplaced over $80 million to crypto-related scams throughout the fourth quarter of 2020 and the primary quarter of 2021.
Worth Motion: At press time, Bitcoin was buying and selling at $32,562, gaining 2.10% in a single day.
Dogecoin was up by 2.61% throughout the identical interval, buying and selling at $0.2196, whereas Ethereum rose by 0.53%, buying and selling at $2,169 on the time of writing.