CZ Slams Google for Promoting Fake Crypto Sites
- Binance CEO, CZ, noted that Google search continues to promote fake sites, sometimes ahead of the original.
- Crypto users believe Google is more concerned about receiving payments than security.
- Google recently revealed that revenue from crypto ads was down in Q3.
Hackers continue to plague the crypto space, pouncing on loose ends and preying on unsuspecting users. Although Google claims to uphold strict regulations and policies on crypto marketing for its ad services, hackers continue to run rampant and sometimes unnoticed. Binance CEO Changpeng Zhao (CZ) took to Twitter to vent his frustration over the continued attacks.
CZ warned that Google search results are still promoting crypto phishing and scamming websites. Some scam websites have even displayed higher than legitimate crypto and blockchain projects, making it easy for prospective users or readers to fall prey.
While browsing through Google for CoinMarketCap, which Binance acquired in 2020, CZ claimed phishing sites with an “ad” tag in front of the actual website displayed. The Binance CEO wrote that:
This affects users adding smart contract addresses to MetaMask using these phishing sites. We are trying to contact Google for this, and in the meantime alerting users about this through social channels.
While it may appear simple to dismiss, the Binance billionaire was concerned because CoinMarketCap is a crypto giant and one of the market’s most widely used data aggregators. The platform is known to have a ton of traffic daily, and a phishing site could be costly for crypto users.
From time to time, scammers seem to pick up new tricks for their craft, making it difficult to spot their activities. One of their most recent activities involves using copycat URLs to trick unsuspecting individuals. These sites look similar to the originals, and one might fail to spot spelling errors due to their striking resemblance. For example, one website CZ highlighted spelled “coinomarketcaap.”
Is Google Complacent About Security?
Google Ads service has come under scrutiny in recent weeks. Crypto users believe the company has no issues with accepting ad payments from anyone, even if they are scammers. Sentiments from the crypto quarters are reflected in Google’s low income from crypto ads.
During its latest earnings call, Chief Business Officer at Google, Philipp Schindler, admitted that the company suffered a decline in crypto ad revenue in Q3. However, this could be partly because of the bear market. Regardless, crypto users believe platforms like Google have a role to play in pushing scammers away from the industry. However, it would take a collective effort to reduce the number of hacking and fraud cases.
FTX boss Sam Bankman-Fried recently showed solidarity with users who fell victim to a phishing attack. The billionaire confirmed that FTX had arranged a $6 million compensation package for the affected users. He, however, noted that the offer was a one-time gesture.