Revealing and Analyzing the Visual Scams of Cryptocurrency Wallets

Abstract

Cryptocurrencies have attracted extensive attention from malicious actors. Numerous studies have reported various cyber attacks and scams targeting this domain. This paper takes the first step to characterize the visual scams occurring within cryptocurrency wallets. Scammers exploit deceptive visual features – specifically, the omission of detailed information on the wallet’s interface such as wallet addresses, cryptocurrency tokens, and smart contract names, to confuse or mislead users. This could potentially lead users to carry out unintended transactions. By analyzing 169,680,580 transactions between December 2022 and May 2023, we identified 5,515,896 instances of fake token scams, 15,807 instances of function name scams, and 89,681,248 instances of zero transfer scams. Our analysis reveals that over 240,000 victims have been affected by these visual scam attacks, resulting in losses exceeding $43 million. These substantial figures emphasize the severity of these deceptive tactics and underline the urgent need for effective protective measures.