Singaporean Student Loses $5,000 in Cryptocurrency After Clicking on Fake Google Ad

Student Loses $5,000 to Phishing Scam in Seconds

A Singaporean student has shared his devastating experience of losing $5,000 in mere moments to a cryptocurrency phishing scam.

The victim, a Republic Polytechnic student who relies on crypto trading as his main source of income, has created TikTok videos to warn others and is urging everyone to stay vigilant in online financial transactions.

Hard-Earned Profit Gone in an Instant

For two months, the student had been diligently trading cryptocurrencies, accumulating a profit of $5,400.

On 9 December 2024, his efforts took a dark turn when he attempted to purchase tokens through what he thought was the official platform of a virtual protocol.

Unknowingly, he connected his cryptocurrency wallet to a phishing website designed to mimic the legitimate platform.

Seconds after completing the transaction, he checked his wallet and was horrified to discover that $5,000 had been drained.

The victim recounted:

"It was a shocking and devastating realisation. The person behind the scam had clearly come prepared, immediately transferring the funds as soon as I connected my wallet."

Police Investigations Underway

Following the incident, the student lodged a police report.

In response to a query by Stomp, a Singapore-based citizen journalism portal, the police confirmed that investigations into the matter are ongoing.

The victim shared further details of the incident on TikTok, hoping to spread awareness about the dangers of phishing scams targeting cryptocurrency users.

Phishing Scams Exploiting Google Ads

In his TikTok video, the student revealed that he unknowingly clicked on a Google ad, mistaking it for the official website.

This is a common phishing tactic where fraudulent ads are designed to mimic legitimate platforms, deceiving users into trusting fake links.

A similar method was used to target Sony’s Soneium users, as reported in October, where victims were lured through sponsored links in Google search results.

A Hard Lesson on Online Security

Reflecting on the incident, the student emphasised the importance of vigilance when conducting financial transactions online.

He said:

"This experience has taught me a hard lesson, and I want to advise the public to exercise extreme caution when dealing with financial transactions online. Always verify the legitimacy of websites and double-check all details before connecting your wallet or making a transfer. Even the smallest oversight can lead to significant losses."

Cryptocurrency scams continue to pose a significant threat globally, with phishing sites increasingly designed to mimic authentic platforms, preying on unsuspecting users.