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Domain Registrations for Dogecoin Jump 13,331% Since August 2020, As BrandShield Report Shows Major Rise of Crypto Scams

New data from cybersecurity firm shows suspicious domain registrations for Dogecoin have increased 35 times the rate of Ethereum as cybercriminals look to capitalize off Elon Musk tweets and crypto frenzy to defraud consumers


NEW YORK, NY – WEBWIRE

BrandShield (LSE: BRSD), an online threat hunting company specialized in monitoring, detecting, and removing online threats, today announced new and alarming findings on the rise of cryptocurrency-related scams. The findings come as cryptocurrency has exploded in popularity with retail and institutional investors, driving hundreds of billions of dollars of investment to and increased scrutiny of the financial asset from media and government organizations. 
 
In a deep crawling of the Internet and an analysis of websites, domain names and social platforms including Instagram, Facebook, Twitter, and LinkedIn, BrandShield found Dogecoin, a popular cryptocurrency amongst retail investors, online message boards, and the tech-tycoon Elon Musk, has experienced an explosive increase in suspicious domain registrations. 
 
Since August 2020, Dogecoin domain registrations have increased by 13,331%. This is 35X times greater than the rate of increase of potential fraud seen in the more stable cryptocurrency Ethereum, which saw a 376% increase percent. Other crypto coins, including Bitcoin, saw a sharp rise in suspicious domain registrations by 324% percent. 
 
BrandShield also ran an analysis related to online cybercrime and fraud committed in the name of crypto-influencers, including Elon Musk. The self-proclaimed “DogeFather” had more than 205 fraudulent Facebook accounts impersonating him and leveraging his name to defraud individual investors, as well as on other social platforms like Instagram, LinkedIn, and the Russian platform, VK.
 
“As cryptocurrency receives more mainstream coverage, investors of all experience levels are flocking to the alternative capital markets, whether to trade assets for the first time or diversify their investments,” said Yoav Keren, co-founder and CEO of BrandShield. “It shouldn’t surprise anyone that cybercriminals are following the money and targeting retail investors with both increasing frequency and sophistication through a wide array of fraud schemes.” 
 
The analysis also showed that crypto trading platforms were a popular target of cybercriminals. Coinbase saw the largest number of suspicious domain registrations, with a 1728% increase since August 2020, while Binance had the second-largest increase in suspicious domain registrations over the same period with a 616% increase.
 
Despite a massive surge in cybercrime related to cryptocurrency and their trading platforms, little is being done by influencers and brands, and criminals are leveraging this situation to attack hard-working investors. “Not only is there a responsibility from these social media companies to address fraud on their platforms, but influencers, brands, and cryptocurrencies also have a duty to protect their fans and eliminate fraud by cybercriminals looking to steal millions from consumers in their name,” added Keren. 
 
To learn more about BrandShield’s online brand protection and executive impersonation threat hunting capabilities, visit BrandShield.com.
 
About BrandShield
BrandShield is a leading cybersecurity company founded in Israel by cybersecurity experts that protects the world’s largest brands and consumers from phishing attacks, online fraud, and other online threats posed by dangerous cybercriminals. Through its AI/ML platform, BrandShield identifies, tracks, and eliminates online threats for global brands and organizations, including Bristol Myers Squibb, Levi’s, New Balance, Swisscom, and the Pharmaceutical Security Institute. BrandShield is listed on the London Stock Exchange AIM under ticker symbol BRSD. To learn more about BrandShield, please visit the company website at BrandShield.com.


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 Crypto
 Cybersecurity
 Bitcoin
 Dogecoin
 Online Fraud


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