As a conscientious crypto investor, I’ve been alerted by the esteemed SoSoValue research firm regarding a questionable token named SOSO operating within the Binance Smart Chain (BSC) ecosystem. It’s essential for all of us to exercise caution when dealing with this token.
The business made it clear that no authorized cryptocurrency has been launched by them, advising users to exercise caution to safeguard their belongings.
Scammers Use Funding News to Lure Victims
Following a red flag raised by the on-chain analysis tool CoinSpeedrun, SoSoValue issued a warning about a fraudulent contract (0xa484…5c8ac9) that has been spotted operating within the Binance Smart Chain (BSC) network.
Within the past 48 hours, the organization has issued a second warning. This comes following an earlier alert on Saturday, where they recommended caution regarding potentially fraudulent accounts on platform X that were disseminating phishing links under false pretenses of selling their SoSoValue Indices (SSI) spot crypto index protocol.
The AI-focused investment research firm just revealed that they’ve successfully obtained $15 million in Series A financing, raising their total worth to an impressive $200 million. This round of funding was jointly led by current stakeholders HSG and SmallSpark, who will be using the funds to strengthen their SSI product and fortify the platform against potential threats from harmful users.
One account under scrutiny for circulating fake links has reportedly been involved in at least two posts; one post was written in Polish, while another was penned in Japanese.
Instead, concealed within the authentic details about the funding was a deceptive web address, ssi.sosovalue.bet, which appeared to guide users towards purchasing SSI. Upon investigation, it was found that this site functioned as a phishing platform designed to swindle crypto users who clicked on it.
Increasing Threats
This recent event serves as a fresh warning about how unscrupulous individuals are using fake digital currencies and deceptive tactics to swindle unwitting investors.
In December 2024, unauthorized individuals managed to gain control over Animoca Brands co-founder Yat Siu’s X account, utilizing it to advertise a fraudulent digital token on the platform Pump.fun.
In the same month, another cryptocurrency investor suffered a loss exceeding $300,000 when they clicked on a fake meeting link that was sent to them directly. The individual thought nothing of it as the URL seemed inactive upon clicking, but unbeknownst to them, the malware had already been installed onto their system. This covert action resulted in the compromise of their digital wallets and the theft of their cryptocurrency.
Previously, cyber investigator ZachXBT disclosed a method employed by criminals. They fabricated urgent emails about copyright infringement matters, supposedly from X, to gain access to prominent social media accounts. Once they had control, these accounts were exploited to advertise sham Solana meme coins. Unfortunately, unsuspecting users are said to have lost up to $500,000 through this deceptive practice.
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2025-01-15 01:24