Welcome to week 18 of the Crypto Alert of the Week series by AMLT, a series dedicated to documenting interesting or high profile frauds/hacks etc that recently happened and have been reported into the AMLT Network and show how the AMLT Network can help track and prevent it in the future.
Original SVPool Site
Fake SVPool Site
Unfortunately, the whole illusion falls apart when we take a look at the fake site’s “business model”. Instead of stealing some unsuspecting miners’ hashpower (which, to be fair, would be highly unlikely to succeed), the site acts as a cloud mining provider. The poorly designed “client area” of the site claims to offer hashpower “packages” with different pricings that, ironically, come in BTC.
At Coinfirm and the AMLT Network, we believe in setting the highest standards for the industry. If anyone notices such an attack, they can report the attacker through the AMLT panel or widget. The submitted data is then analyzed and processed by our data science team for validation of submitted data. Once flagged entities using the Coinfirm AML Platform such as exchanges can see the source and potentially freeze the funds and prevent further risk spreading through the ecosystem. This helps the crypto economy become safer and more transparent while fighting malicious actors.
You can see how the below in the Coinfirm AML Risk Report created for the fake SVPool payment address:
Thank you for your continued support and make sure to follow all of our latest updates on Twitter, Facebook, LinkedIn and Telegram Community.
The AMLT Team