The Federal Bureau of Investigation (FBI) has warned that hackers are creating fictitious portable gaming programs to take over cryptocurrency assets. These attackers disguise their programs as blockchain-based entertainment based on the concept of Play-to-Earn. They lure victims over the internet and persuade them to join games in which players can earn digital currency in exchange for completing certain tasks, such as virtual harvests.
Fraudsters lure game participants to create a cryptocurrency wallet, buy assets and download a game application. The more money a customer keeps in their game account, the more rewards they can receive, the fraudsters convince them.
If individuals stop transferring crypto-assets to an account, the criminals use malicious software to steal resources from victims' wallets when they download the game. They then promise victims a refund if they pay an additional amount. In most cases, when victims agree, the fraudsters walk away with the money. The FBI therefore recommends that users create their own digital currency accounts rather than using those provided by criminals.
Earlier this year, the FBI, working with law enforcement agencies in Germany and the Netherlands, exposed a large-scale international extortion group known as Hive. The group managed to make off with an estimated $100 million in digital currencies.