Group-IB uncovers surge in fake crypto platforms

Cybersecurity firm Group-IB has uncovered a surge in sophisticated fake investment schemes across Asia, where cybercriminals impersonate cryptocurrency and forex trading platforms to defraud victims, Infosecurity Magazine reports.

In a new report by its High-Tech Crime Investigation team, Group-IB describes how organized, cross-border groups lure users through social media and messaging apps using convincing trading interfaces and advanced backend systems to steal funds.

The research introduces two analytical frameworks, the Victim Manipulation Flow and the Multi-Actor Fraud Network, showing how operators build trust, process payments, and launder stolen assets. Investigators found that many fraudulent platforms share technical traits, including reused SSL certificates and identical chatbot systems.

Group-IB also notes the use of AI-powered onboarding chatbots that filter victims and deliver payment instructions automatically. The firm urges banks, regulators, and cybersecurity teams to track reused infrastructure and strengthen KYC verification, emphasizing that mapping shared technical evidence is key to disrupting these global fraud networks.