Dec 13, 2018
Recognized as a global leader in RegTech for blockchain, Coinfirm serves as a foundation for the safe adoption and use of blockchain. The Coinfirm AML/CTF Platform uses proprietary algorithms and big data analysis to provide structured, actionable data that solves compliance and transaction risk issues in blockchain and cryptocurrencies. The blockchain agnostic platform is currently used by anyone ranging from major financial institutions to exchanges. In addition, Coinfirm develops dedicated blockchain solutions such as the data provenance platform Trudatum that was recently integrated by the largest bank in CE.
Welcome to week 16 of the Crypto Alert of the Week series by AMLT, a series dedicated to documenting interesting or high profile frauds/hacks etc that recently happened and have been reported into the AMLT Network and show how the AMLT Network can help track and prevent it in the future.
With Black Friday being such a big event, being a tradition appropriated to Europe as well, it doesn’t come as a big surprise that many scammers would try to use it as a way to disguise their own campaigns. After all, some people wouldn’t be surprised even with finding a discount on cryptocurrencies on this day along with how crazy some of the promotions are on that day.
As might have been expected, the latest notorious phishing campaign involved a popular, US-based cryptocurrency exchange, Uphold. The email, contrary to how rushed and grammar-lacking the usual campaigns are, looked pretty professional. It was also very much in line with how the company’s emails looked visually.
Then there was the message urging potential victims to send their 0.1-50 BTC to a “special” address, which is supposed to return their deposits with an additional 15% bonus (adding up to 450$-222,000$ at that time).
Thankfully the phishing wasn’t that successful. The campaign has only managed to collect 0.5 BTC. Uphold itself has tweeted a message, warning its customers and temporarily freezing withdrawals until contacting its customers. What’s even more serious about it, is that the phishing emails were sent from an official domain, which, as they have also said, might have been compromised and only added more legitimacy to the attackers.
At Coinfirm we believe in setting the highest standards for the industry. If anyone notices such an attack, they can report the attacker through the AMLT panel or widget. The submitted data is then analyzed and processed by our data science team for validation of submitted data. Once flagged entities using the Coinfirm AML Platform such as exchanges can see the source and potentially freeze the funds and prevent further risk spreading through the ecosystem. This helps the crypto economy become safer and more transparent while fighting malicious actors. You can see how the below in the Coinfirm AML Risk Report created for the fake Uphold phishing address:
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The AMLT Team