Fraudsters Target Trump Campaign and MAGA Supporters with Crypto Scams
A recent report by cybercrime disruption firm Netcraft has revealed that Republican frontrunner Donald Trump’s 2024 presidential campaign and his loyal MAGA supporters have fallen victim to a surge in crypto scams.
The report indicates that after Trump announced his acceptance of digital asset donations on May 21, fraudsters targeted the campaign. The situation worsened after his trial conviction on May 31, leading to an influx of real donations that overwhelmed the campaign’s infrastructure.
Netcraft identified various donation scams impersonating the Trump campaign, utilizing phishing and smishing campaigns across numerous malicious domains. Scammers took advantage of the increased interest to deceive potential donors into visiting fraudulent websites.
The report also highlights how fraudulent crypto actors are constantly evolving, using phishing payment systems that mimic legitimate platforms like Coingate, and manipulating digital asset flows through Oxaplay and Plisio to steal funds. Some scams even utilized artificial intelligence in peer-to-peer messaging to appear more convincing to victims.
The report underscores the fact that criminals behind donation scams are quick to exploit current events to steal money from unsuspecting donors, regardless of who or what they impersonate. Similar scams have emerged in the aftermath of the Gaza conflict.
The tension between Donald Trump and Joe Biden regarding crypto is escalating as the November 2024 election approaches. Trump has taken a pro-crypto stance, while Biden leans towards increased regulatory measures. Both candidates are in a tight race according to official polls, vying for the Oval Office in just five months.
Amidst these developments, blockchain analytics company Elliptic has warned that AI could significantly enhance crypto scams in the future, potentially accelerating the more resource-intensive aspects of such criminal activities. As political tensions rise, digital asset regulation remains a key issue on the campaign trail.
