Bitcoin to the moon: Trump endorsing, scammers exploiting

The price of Bitcoin is mooning to unprecedented heights, surpassing the $100,000 mark, a monumental event for investors, symbolizing mainstream acceptance and significant financial opportunity. Notably, Warren Buffett’s Berkshire Hathaway has reportedly engaged in crypto-related investments, marking a significant shift in his earlier criticism of cryptocurrencies.

In his first week back in office, President Donald Trump has issued a series of executive orders, including one titled „Strengthening American Leadership in Digital Financial Technology.“ This order establishes a working group to review digital asset regulations and proposes the creation of a national bitcoin reserve. The BITCOIN Act of 2024, as well as SEC approval for BTC and ETH ETFs has further amplified the spotlight on cryptocurrencies, aiming to position the U.S. as a global leader in the market. The Act promotes the establishment of a national Bitcoin reserve, appoints crypto-friendly regulators, and encourages widespread adoption of digital assets.

In light of these developments, Cloudflare Email Security (CES) has observed a sharp rise in crypto related scams exploiting recent events like the launch of a Trump NFT. These scams primarily impersonate legitimate Bitcoin Wallets, such as Ledger and Binance, utilizing advanced techniques like AI-chatbots to masquerade as support agents in attempts to gain access to the target’s wallet.

Given the irreversible nature of blockchain and cryptocurrencies, these developments underscore the importance of evolving regulatory clarity, as opposed to traditional fiat currencies like the U.S dollar or the British pound.

This article explores the tactics unfolding behind these scams, offering valuable insights into cybercriminal operations and practical advice to help individuals and organizations protect themselves in this rapidly shifting threat landscape.

Phishing schemes leveraging Trump’s name

The recent inauguration of President Trump, alongside his crypto endorsement and launch of a cryptocurrency with his namesake, has fueled a wave of phishing schemes leveraging Donald Trump’s name. Fake “digital trading cards” of NFTs like the one shown below, and other crypto-related offerings have emerged for enthusiasts drawn by the allure of exclusive NFTs and supposed official partnerships.

These schemes feature professional-looking websites and emails impersonating legitimate Bitcoin platforms, enticing users to interact with malicious links and approve fraudulent transactions. This surge in scams highlights how quickly actors adapt to public interest, using high-profile figures and events to lend credibility to the deception.