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CloudSEK’s TRIAD team created this report based on an analysis of the increasing trend of cryptocurrency counterfeiting, in which tokens impersonate government organizations to provide some legitimacy to their “rug pull” scams. An example of this scam is covered in this report where threat actors have created a counterfeit token named “BRICS”. This token is aimed at exploiting the focus on the BRICS Summit held in Kazan, Russia, and the increased interest in investments and expansion of the BRICS government organization which comprises different countries (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates)
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Schedule a DemoCloudSEK’s TRIAD team created this report based on an analysis of the increasing trend of cryptocurrency counterfeiting, in which tokens impersonate government organizations to provide some legitimacy to their “rug pull” scams. An example of this scam is covered in this report where threat actors have created a counterfeit token named “BRICS”. This token is aimed at exploiting the focus on the BRICS Summit held in Kazan, Russia, and the increased interest in investments and expansion of the BRICS government organization which comprises different countries (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates)
Threat researchers discovered a telegram channel aimed at promoting a cryptocurrency named BRICS which was using the logo of the BRICS government organization to provide legitimacy to the token and lure investors.
Figure 1 shows a Telegram using the logo of the BRICS organization to promote a newly made Token called “BRICS.” A closer analysis revealed that this channel is promoting a “rug pull” scam
Rug pull is a specific type of exit scam that happens in the cryptocurrency and decentralized finance (DeFi) space. Here’s a more detailed breakdown of how it works, the tactics used, and how to spot them:
The token has an associated website (https://tokenbrics.me/) which was created using WordPress and highlights various aspects of the token. Figure 2 shows the roadmap for the token which involves purchasing the token and then the intended “BURN” or removal of a large number of the token to increase the price of the token.
As per the website, the token can be purchased using either USDT or BNB which is a common tactic used by scammers in the rug pull schemes.
The Admin of the telegram channel posted how to purchase the token while it is currently on “pre-sale”.
Rug pulls pose a serious threat in the crypto landscape, especially with the growth of DeFi and emerging projects. In some cases, scammers even leverage the credibility of established organizations like BRICS to lend legitimacy to their schemes. Recognizing how these scams operate and identifying potential red flags is crucial for safeguarding your investments. Thorough research and a healthy dose of skepticism are essential when evaluating new projects, particularly those that promise extraordinary returns with minimal risk. Always stay vigilant and informed to protect yourself from falling victim to these deceptive practices.
CloudSEK’s flagship digital risk monitoring platform XVigil contains a module called “Underground Intelligence” which provides information about the latest Adversary, Malware, and Vulnerability Intelligence, gathered from a wide range of sources, across the surface web, deep web, and dark web.
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On 23 October 2023, CloudSEK’s Threat Intelligence Team detected a Ransomware-as-a-Service (RaaS) group, named QBit introducing a newly developed ransomware written in Go, boasting advanced features to optimize its malicious operations.
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CloudSEK’s TRIAD team created this report based on an analysis of the increasing trend of cryptocurrency counterfeiting, in which tokens impersonate government organizations to provide some legitimacy to their “rug pull” scams. An example of this scam is covered in this report where threat actors have created a counterfeit token named “BRICS”. This token is aimed at exploiting the focus on the BRICS Summit held in Kazan, Russia, and the increased interest in investments and expansion of the BRICS government organization which comprises different countries (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates)
CloudSEK’s TRIAD team created this report based on an analysis of the increasing trend of cryptocurrency counterfeiting, in which tokens impersonate government organizations to provide some legitimacy to their “rug pull” scams. An example of this scam is covered in this report where threat actors have created a counterfeit token named “BRICS”. This token is aimed at exploiting the focus on the BRICS Summit held in Kazan, Russia, and the increased interest in investments and expansion of the BRICS government organization which comprises different countries (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates)
Threat researchers discovered a telegram channel aimed at promoting a cryptocurrency named BRICS which was using the logo of the BRICS government organization to provide legitimacy to the token and lure investors.
Figure 1 shows a Telegram using the logo of the BRICS organization to promote a newly made Token called “BRICS.” A closer analysis revealed that this channel is promoting a “rug pull” scam
Rug pull is a specific type of exit scam that happens in the cryptocurrency and decentralized finance (DeFi) space. Here’s a more detailed breakdown of how it works, the tactics used, and how to spot them:
The token has an associated website (https://tokenbrics.me/) which was created using WordPress and highlights various aspects of the token. Figure 2 shows the roadmap for the token which involves purchasing the token and then the intended “BURN” or removal of a large number of the token to increase the price of the token.
As per the website, the token can be purchased using either USDT or BNB which is a common tactic used by scammers in the rug pull schemes.
The Admin of the telegram channel posted how to purchase the token while it is currently on “pre-sale”.
Rug pulls pose a serious threat in the crypto landscape, especially with the growth of DeFi and emerging projects. In some cases, scammers even leverage the credibility of established organizations like BRICS to lend legitimacy to their schemes. Recognizing how these scams operate and identifying potential red flags is crucial for safeguarding your investments. Thorough research and a healthy dose of skepticism are essential when evaluating new projects, particularly those that promise extraordinary returns with minimal risk. Always stay vigilant and informed to protect yourself from falling victim to these deceptive practices.
CloudSEK’s flagship digital risk monitoring platform XVigil contains a module called “Underground Intelligence” which provides information about the latest Adversary, Malware, and Vulnerability Intelligence, gathered from a wide range of sources, across the surface web, deep web, and dark web.