Sophos Reveals Global Surge in DeFi Savings Scams by Sha Zhu Pan Scammers

Sophos exposes the expansion of sha zhu pan scammers’ DeFi savings schemes, highlighting the global proliferation of fraud facilitated by sophisticated scam kits and the emergence of new pig butchering rings across diverse regions.

15 February 2024 – Sophos, a global leader in cybersecurity services, has exposed the emergence of sophisticated “DeFi savings” scams within the realm of cryptocurrency fraud, shedding light on the evolution of pig butchering operations. These scams, detailed in the article “Cryptocurrency Scams Metastasize into New Forms,” reveal a business model akin to cybercrime “as-a-service,” now extending globally to lure victims into fraudulent investment schemes.

Originating from organized crime networks in China, pig butchering rings have escalated their operations by offering ready-made scam kits on the dark web, enabling cybercriminals worldwide to perpetrate DeFi savings scams. Sean Gallagher, principal threat researcher at Sophos, warns of the exponential growth potential of these schemes, which exploit victims’ lack of understanding about cryptocurrency investments and employ deceptive tactics under the guise of legitimate trading platforms.

Author: Terry KS

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