Crypto Scams Exploit Trust: A Growing Threat in Digital Communities

According to Cointelegraph, the digital landscape is witnessing an alarming rise in scams targeting cryptocurrency users and NFT enthusiasts. Last month, crypto user and NFT artist Princess Hypio revealed she lost $170,000 in digital assets after falling victim to a scam on the gaming platform Steam. The scammer, under the guise of playing a game, managed to steal her funds and hack her Discord account. This tactic, known as the “try my game” scam, has been reported in various forms over the years. Kraken’s chief security officer, Nick Percoco, highlighted that these methods are becoming increasingly popular among cybercriminals. The scam typically involves a hacker infiltrating a Discord server or group, observing user interactions, and gaining trust by feigning interest in their digital assets. Once a target is identified, the hacker invites them to play a game, providing a link to a server embedded with Trojan malware. This malware grants the hacker access to the victim’s device, allowing them to steal personal information and drain connected wallets. In Princess Hypio’s case, the scammer convinced her to download a game on Steam, which was safe, but the hosting server was malicious, resulting in her significant financial loss. This incident coincides with Discord’s recent update on deceptive practices, emphasizing that financial scams violate their terms of use. Percoco noted that these scams exploit trust rather than code, with attackers impersonating friends to pressure victims into actions they would typically avoid. He stressed that the primary vulnerability in the crypto space is trust, as scammers manipulate community spirit and curiosity to exploit good intentions. Attackers embed themselves within communities, learn the culture, mimic trusted friends, and then execute their schemes. The “try my game” scam is not confined to the crypto sector. In February, a user reported falling victim to this scam on the Malwarebytes forum, and a Reddit forum in July warned gamers of similar threats. Another individual faced a ransomware demand after being targeted in July. Percoco advised maintaining a healthy skepticism, verifying identities through alternative channels, avoiding unknown software, and remembering that inaction is often safer than risky steps. He cautioned that if something seems rushed, generous, or too good to be true, it likely is. Beyond Discord scams, Percoco pointed out a more pervasive trend involving fake recruitment campaigns. In June, a North Korea-aligned threat actor targeted crypto job seekers with malware designed to steal passwords for crypto wallets and password managers. While Discord impersonation is on the rise, fake recruitment campaigns are currently the most widespread threat, luring victims with job offers and phishing links.