Police in Singapore have issued a warning about a new variant of a phishing scam in which hackers take over the victim’s WhatsApp account and contacts.
The scam tricks victims into connecting their WhatsApp account to a fake phishing online page via a QR code, secretly granting access to the owner of the online page.
Phishing scams are prevalent in the crypto industry because hackers find it easy to move the budget under the veil of anonymity. Last week it was reported that users of LastPass, a platform that encrypts and stores retail store passwords, lost $4. 4 million in a single day after the software’s cloud platform was breached last year.
Another explanation for why cryptocurrency users are targeted is that transactions are irreversible, meaning that once hackers securely access a user’s personal key, they are almost very unlikely to access the assets in that wallet.
This story originally appeared on Coindesk