Bitcoin Scam News

DeFi ‘Yearn Finance’ Ongoing Website Scam – Analysis.

DeFi yield farming platform Yearn Finance features a doppelganger that’s tricking visitors into sharing the private keys of their cryptocurrency wallets.

The scam website of Yearn Finance perfectly copies almost every aspect of the first yearn.finance website right down to its design, website copy, and even name. The scammers behind the web site chose the name “yaerm.finance,” making it look extremely almost like “yearn.finace.”

They have also promoted their landing page for the search keyword “yearn finance” so it shows abreast of top of the search results when people look for the particular real website.

DeFi 'Yearn Finance' Ongoing Website Scam - Analysis.

Once a user clicks the ad, it directs them to the yaerm.finance page that appears exactly like Yearn Finance’s official website. However, after scrolling down from the primary window that appears, one finds that the web site contains a weird guide to “seven easy hairstyles.”

Similar to the first website, the scam website also has six different options within the first window. These include Dashboard, Vaults, Earn, Zap, Cover, and Stats.

Irrespective of what option a user clicks, it directs them to a page that prompts users to attach their wallets.

When users attempt to link their wallets, the scam site presents an inventory of cryptocurrency wallets they’ll choose between. Then, it shows an onscreen message that asks the users to share the private key or passphrase.

Doppelganger scams are relatively common within the crypto ecosystem. Another website is posing as Trust Wallet to cheat crypto users.

Crypto India wrote on Twitter that scammers are sending Binance Coin [BNB] dust – a really small fraction of a cryptocurrency that can’t be exchanged or transacted – to random cryptocurrency wallets. Each of those transactions had a memo that notified users that they had won 30 or 50 BNB tokens and contained an external link to “claim” those tokens.

The Trust Wallet-like website features a call-to-action button that reads “Claim Prize” and upon, opens a window that requests the users to enter their private keys.

Users who are new crypto and aren’t conscious of the importance of keeping their private keys “private” may easily fall for these scams and offers the scammers quick access to their funds.

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