Sophisticated Crypto Scam Campaign Targets Web3 Employees Through Fake Startups

A coordinated crypto phishing campaign has been actively targeting Web3 professionals since December 2024, leveraging fake startups with AI, gaming, and video meeting software themes. Threat actors are creating elaborate facades using compromised X accounts, often verified, to establish credibility before infiltrating victims' wallets.

The operation employs legitimate platforms like Notion, Medium, and GitHub to host professional-looking documentation, including fabricated employee profiles, product blogs, and development roadmaps. One notable example, the Eternal Decay blockchain game, even created fake conference presentation photos by altering images from an Italian exhibition.

These fake companies maintain active social media presences, regularly posting software updates and marketing content to appear legitimate. The campaign's sophistication lies in its multi-platform approach, combining compromised social accounts with professionally crafted documentation on trusted platforms.