The BRICS-Bait Rug Pull – How Scammers Use International Credibility to Deceive Investors
CloudSEK’s TRIAD team created this report based on an analysis of the increasing trend of cryptocurrency counterfeiting, in which tokens impersonate government organizations to provide some legitimacy to their “rug pull” scams. An example of this scam is covered in this report where threat actors have created a counterfeit token named “BRICS”. This token is aimed at exploiting the focus on the BRICS Summit held in Kazan, Russia, and the increased interest in investments and expansion of the BRICS government organization which comprises different countries (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates)
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CloudSEK TRIAD