FBI Warns Of Cryptocurrency Theft Through CoinEdition’s ‘Play-to-Earn’ Gaming Apps

• The FBI has warned that cybercriminals are using fake rewards in ‘playable’ mobile and online games to steal cryptocurrency.
• Cybercriminals perform the task with the help of custom-made game applications.
• Players were instructed to create a cryptocurrency wallet to join certain games.

The US Federal Bureau of Investigation (FBI) has warned consumers that cybercriminals are using fake rewards in supposed “play-to-earn” mobile and online games to steal millions in cryptocurrency.

According to a new public service announcement from the FBI’s Internet Crime Complaint Center (IC3), cybercriminals use custom-made gaming applications to carry out their tasks, which can offer huge financial incentives directly proportional to investments in potential targets with whom they have developed trust. through long online conversations.

In addition, criminals introduce the victim to gaming environments where players can earn fake cryptocurrency rewards:

Criminals connect with victims online and build a relationship with them over time. The criminals then introduce the victims to an online or mobile game in which players are said to earn cryptocurrency rewards for some activity, such as “farming” an animated farm.

Notably, cybercriminals instructed players to create a cryptocurrency wallet. Players were forced to buy cryptocurrency to join a particular gaming app that could offer huge rewards.

According to a new FBI public service announcement, cybercriminals trick players into believing that the promised rewards will increase as victims store more money in their wallets. Additionally, victims’ wallets were drained using the activated malware after basic deposits were stopped.

In addition, cybercriminals were able to convince victims that they could get back the invested money by paying additional fees, but leaving them empty-handed.

Meanwhile, in 2022, cybercriminals spread and activated more than 4,00,000 new malicious files per day to practice theft and abuse. Compared to 2021, cybercriminals’ attacks on users increased by 5% in 2022.

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