Cybersecurity researchers have exposed the workings of a scam ring called CryptosLabs that’s made over €480 million in illegal profits by targeting French-speaking individuals in France, Belgium, and Luxembourg since April 2018.
The ring uses fake landing pages and even impersonates French-dominant businesses to reach its target audience.
Ushakov said.
Group-IB, which first uncovered the large-scale scam-as-a-service operation in December 2022, said it was able to trace the first signs of the group’s activity back to 2015, when it was found experimenting with different landing pages.
According to Ushov, the group began its investment scam operations in earnest in June 2018 after a two-month preparation.
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