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Cybersecurity researchers have exposed the workings of a scam ring called CryptosLabs that’s estimated to have made €480 million in illegal profits by targeting users in French-speaking individuals in France, Belgium, and Luxembourg since April 2018.

The syndicate’s massive fake investment schemes primarily involve impersonating 40 well-known banks, fin-techs, asset management firms, and crypto platforms, setting up a scam infrastructure spanning over 350 domains hosted on more than 80 servers, Group-IB said in a deep-dive report.

The Singapore-headquartered company described the criminal outfit as “operated by a hierarchy of kingpins, sales agents, developers, and call center operators” who are recruited to ensnare potential victims by promising high returns on their capital.

“CryptoLabs made their scam schemes more convincing through region-focused tactics, such as hiring French-speaking callers as ‘managers’ and creating fake landing pages, social media ads, documents, and investment platforms in the French language,” Anton Ushakov, deputy head of Group-IB’s high-tech crime investigation department in Amsterdam, said.

images from Hacker News