What happened: A new report from global cybersecurity firm BrandShield finds that suspicious domain registrations for Dogecoin (CRYPTO: DOGE) has risen 13.331% since August 2020.
This percentage increase is 35 times greater than the number of suspicious domains registered for Ethereum (CRYPTO: ETH), the second largest cryptocurrency by market value.
Since last year, suspicious domains have been registered for Ethereum and Bitcoin (CRYPTO: BTC) increased 376% and 324%, respectively.
BrandShield’s analysis also showed that in addition to the explosive growth of fake Dogecoin sites, cybercriminals also spread Tesla Inc̵
Why it means: “As cryptocurrency receives more mainstream coverage, investors at all levels of experience are flocking to the alternative capital markets, whether they are trading assets for the first time or diversifying their investments,” said Yoav Keren, co-founder and CEO of BrandShield.
“It should come as no surprise to anyone that cybercriminals are pursuing the money and targeting retail investors with increasing frequency and sophistication through a wide range of fraud schemes.”
Even cryptocurrency exchanges like Coinbase Global Inc. (CRYPTO: BTC) and Binance became a popular target for cybercriminals.
Coinbase saw a 1728% increase on fake sites, while Binance saw a 616% increase over the same period.
A report by the Federal Trade Commission (FTC) earlier this year found that consumers lost over $ 80 million to cryptocurrency-related fraud in the fourth quarter of 2020 and the first quarter of 2021.
Price action: At press time, Bitcoin traded at $ 32,562 and gained 2.10% overnight.
Dogecoin rose 2.61% during the same period, trading at $ 0.2196, while Ethereum rose 0.53%, trading at $ 2.169 at the time of writing.