In a startling discovery, Trend Micro analysts have revealed a massive web of deceit woven by the Impulse Team that includes more than 1,000 bogus websites.
These websites, which are a part of an affiliate programme called the “Impulse Project,” have defrauded unwary bitcoin enthusiasts throughout the globe using a highly complex advance fee scam scheme.
Due of its wide, complicated network, the fraud, which appears to have started around 2021, has mostly gone undiscovered. Despite the fact that specific incidences have already been publicised, the sheer scope of activities has ensured that the true scope of the fake has remained secret.
The scam’s method of operation is rather simple but misleading. A big bitcoin incentive is used to lure potential victims. However, victims must first make a “small” investment to activate their accounts in order to obtain these benefits. The unfortunate problem is that people who pay never get anything in return.
By creating a fake anti-fraud website, The Impulse Team added another layer of deception to their scam, effectively hiding their identity behind an air of credibility. More victims were drawn into their web of deceit as a result of this tactic.
Researchers used a common database to link the websites together despite the fact that their operations were scattered. As a result, after creating an account on one website, the victim’s login information would be valid on all of the network’s websites.
The public Telegram channel that records transactions for the scam reports that victims have lost an incredible amount of money over $5 million. The harm that has been done is evident, even though there are allegations that the Impulse Team manipulates bots to artificially raise transaction statistics in order to draw in more affiliates.
