What happened: A new report from global cybersecurity firm BrandShield finds suspicious domain registrations for Dogecoin (CRYPTO: DOGE) have increased 13,331% since August 2020.
This percentage increase is 35 times higher than the number of suspicious domains registered ether (CRYPTO: ETH), the second largest cryptocurrency by market capitalization.
Since last year, suspicious domains have registered for Ethereum and Bitcoin (CRYPTO: BTC) rose 376% and 324%, respectively.
BrandShield’s analysis also found that in addition to the explosive growth of fake Dogecoin websites, cybercriminals are also taking advantage of it Tesla Inc (NASDAQ: TSLA) CEO Elon Musk, name used to scam investors on social platforms.
Why it matters: “As cryptocurrencies gain more mainstream coverage, investors of all skill levels are flocking to the alternative capital markets, be it first-time asset trading or diversifying their investments,” said Yoav Keren, co-founder and CEO of BrandShield.
“It should come as no surprise to anyone that cyber criminals are tracking the money and targeting increasingly common and sophisticated retail investors with a variety of fraud schemes.”
Even cryptocurrency exchanges like Coinbase Global Inc (CRYPTO: BTC) and Binance have become a popular target for cyber criminals.
Coinbase saw its fake websites increase 1728% while Binance saw a 616% increase over the same period.
A Federal Trade Commission (FTC) report earlier this year found that consumers lost over $ 80 million to crypto fraud in the fourth quarter of 2020 and the first quarter of 2021.
Price action: At press time, Bitcoin was trading at $ 32,562, up 2.10% overnight.
Dogecoin was up 2.61% over the same period, trading at $ 0.2196, while Ethereum was up 0.53% and trading at $ 2,169 at the time of writing.