According to a new study, criminals are selling fraudulent COVID-19 immunization certificates and vaccinations in exchange for Bitcoin, Ethereum, and other popular cryptocurrencies.
The actors took advantage of exchanges with minimal or no KYC, according to an investigation.
According to a new analysis from blockchain analytics firm Coinfirm, scammers have embraced a new strategy to defraud investors. Scammers selling bogus COVID-19 vaccine certificates and stolen vaccines on the dark web. The crooks are paid in cryptocurrency, as is the case with most dark web transactions. Bitcoin (BTC), Ethereum (ETH), DASH, Litecoin (LTC), Tron (TRX), Monero (XMR), and Zcash are among the most widely used cryptocurrencies (ZEC).
The fraudsters discovered a way to profit from the COVID-19 outbreak, according to the inquiry. Scammers selling vaccines and bogus vaccine certificates on the darknet are desperate for vaccines and vaccine certificates. One of the most popular vendors, according to the company, is “COVID-19 Vaccine Shop.” AstraZeneca, Pfizer-BionTech, Johnson & Johnson, Moderna, and Sputnik V are among the vaccines that the person or organization is offering (in bulk).
The majority of the addresses were connected to Russia, with the United States following in second. Further investigation revealed that Eastern European countries had a considerable demand for the merchants’ products. Investigations found that one of the scammers’ addresses had collected almost $40,000 in less than a year. One of the key reasons for the recent spike, according to the research, is non-compliant exchanges; a BTC address was discovered receiving cash for counterfeit vaccine certificates. 1MEPCZZkXSf5n3FEZBb3WiyDzRv6ytxFWt, examined by Coinfirm, highlights the difficulty that crypto exchanges with limited or no KYC (Know Your Customer) face in halting the stream of illicit monies by providing a simple fiat on/off ramp for criminals to cash out their trade.
Crypto-related scams have increased astronomically in the last few years, as crypto-assets have become more popular than ever. The darknet’s cryptocurrency usage peaked in 2020, topping $1.5 billion. Although Bitcoin has a greater adoption rate, privacy-focused coins such as Monero are more popular on the dark web.
Following the FBI’s confiscation of Bitcoin, hackers are turning to Monero.
Bitcoin, Ethereum, and Monero/n
