CryptosLabs ‘pig butchering’ ring stole up to $505 million since 2018

[Gandalf_The_Grey]

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https://www.bleepingcomputer.com/news/security/cryptoslabs-pig-butchering-ring-stole-up-to-505-million-since-2018/

A previously unknown investment scam group named 'CryptosLabs' has stolen up to €480 million ($505 million) from victims in France, Belgium, and Luxembourg, since the launch of its operation in 2018.

According to a report by the cyber-intelligence company Group-IB, 'CryptosLabs' is one of the most well-organized crime groups of its kind, featuring kingpins, sales agents, developers, and call-center operators.

The crime group uses its own scam kit to set up websites that impersonate over 40 well-known European companies engaged in fin-tech, cryptocurrency and NFT investments, asset management, and banking services.

Group-IB mapped the CryptosLabs network of malicious domains, reporting over 300 websites hosted on 70 servers.

These websites are used in "pig butchering" scams, tricking victims into believing they are making investment profits, prolonging the defrauding period, and the potential financial gains for the scammers.

CryptosLabs ‘pig butchering’ ring stole up to $505 million since 2018

A previously unknown investment scam group named 'CryptosLabs' has stolen up to €480 million ($505 million) from victims in France, Belgium, and Luxembourg, since the launch of its operation in 2018.

www.bleepingcomputer.com