The prevalence of deceptive schemes advertised through Google shows no signs of diminishing, with malicious individuals persistently disguising themselves as legitimate entities to deceive crypto enthusiasts.
One recently uncovered Google scam advertisement targeted users of the DeFi platform, Trader Joe. In a recent tweet, the Trader Joe team warned the crypto community about ‘deceptive sponsored’ Google Search ads falsely claiming to be associated with its decentralized exchange (DEX).
The team clearly stated that the sponsored site on Google searches is not affiliated with them. Additionally, it was noted that Trader Joe does not endorse Google ads. As a result, any such ads are fraudulent and may lead to phishing websites, potentially draining connected wallets.
Empathically, Trader Joe urged users and followers to exercise caution and exclusively access their platform through the official website URL on their X account profile bio.
Beware of fake Google Search ads that are ‘sponsored’ and claiming to be the Trader Joe DEX – they’re not ours 🚨
Trader Joe does not sponsor Google ads; any you see are scams leading to dangerous sites that will result in connected wallets being compromised and drained.
Always… pic.twitter.com/0w8E6q11rU
— Trader Joe (@TraderJoe_xyz) December 17, 2023
Meanwhile, concerns emerged from the community that the URL visible on the said fake Google ad is precisely the official website of Trader Joe. They wonder how the official URL could be usable in the deceptive ad scheme.
Trader Joe clarified that the displayed URL is a “vanity” link and that such vanity URLs mask the real address of the phishing site.
A few weeks ago, fraudulent actors similarly targeted users of renowned password manager KeePass via Google Search. People who click on the fake KeePass ad on Google are redirected to a phishing site. They ultimately download a piece of Trojan software, thinking they have gotten the original app from an “official’ source. A similar scheme played out for the Imtoken wallet early this year.
Research has shown that search engines have proven futile grounds for launching crypto-based scams. Amid this development, crypto market participants have expressed concerns that Google is not held accountable for scam ads.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
