ZeroFox Intelligence Flash Report - Fake Tether Cryptocurrency Tokens Announced For Sale

ZeroFox Intelligence Flash Report - Fake Tether Cryptocurrency Tokens Announced for Sale

Product Serial: F-2024-05-16a

TLP:CLEAR

In this Flash Report, ZeroFox researchers report on recent advertisements of fake Tether cryptocurrency tokens announced for sale in deep and dark web forums.

Standing Intelligence Requirements

Deep Dark Web and Criminal Underground

For the most up-to-date list of ZeroFox’s Intelligence Requirements, please visit:

https://cloud.zerofox.com/intelligence/advisories/14956

Link to Download

View the full report here

Key Findings

• Since the beginning of May 2024, two advertisements for the sale of fake Tether ECR20 (also known as USDT) have been offered in deep and dark web (DDW) forums. Such announcements are historically uncommon, though there is a roughly even chance that demand for these services is increasing.
• Threat actors seeking to acquire fake Tether ERC20 coins most likely intend to leverage them in malicious, fraudulent activity such as exchange or investment scams. These are often conducted via the establishment of a webpage imitating a legitimate cryptocurrency or investment platform.
• If threat actors are continually successful in leveraging fake cryptocurrencies for malicious purposes, it is likely that additional purchasing options will become available in DDW forums. This would very likely lead to an increased threat to both individuals and organizations that are either involved in cryptocurrency trading or accept it as tender.