Security experts have recently discovered a series of new phishing schemes capitalizing on the collapse of Silicon Valley Bank (SVB) to target cryptocurrency holders. Proofpoint, a cybersecurity firm, identified phishing emails related to USD Coin (USDC), a stablecoin linked to the US dollar, that were affected by the SVB shutdown.
According to Proofpoint, the phishing campaign utilized messages impersonating popular cryptocurrency brands and was distributed via malicious SendGrid accounts with accompanying SendGrid URLs. Upon clicking on the URLs, recipients were redirected to various domains prompting them to claim or redeem their cryptocurrency to USD. The attackers then attempted to lure victims into installing a smart contract through a DeFi URL, such as MetaMask wallet, which would ultimately transfer the victim’s funds to the cybercriminals.
In response to the SVB collapse, Circle, a peer-to-peer payments technology company impacted by the incident, assured users that USDC would remain redeemable at a 1:1 rate with the dollar. This announcement triggered further phishing campaigns targeting unsuspecting individuals. Cyble, another cybersecurity firm, observed multiple phishing websites posing as Circle offering the 1:1 deal. Some of these sites prompted users to scan a QR code, leading to the compromise of their cryptocurrency wallets.
Additionally, Cyble identified a separate phishing campaign using fake SVB websites to promote a fraudulent USDC reward program. By clicking on a “claim” button on these sites, users were directed to scan a QR code using popular cryptocurrency wallets like Trust, MetaMask, or Exodus. However, scanning the code resulted in the unauthorized access to the victim’s wallet account.
These recent phishing campaigns underscore the importance of remaining vigilant and cautious when interacting with cryptocurrency-related emails and websites. Users are advised to verify the legitimacy of any communication or offer before taking any action to safeguard their digital assets from malicious actors.