Fraudsters are reportedly forking out hundreds of thousands of dollars to purchase mistyped website addresses related to cryptocurrency businesses in the hope of duping victims.
The Washington Post says mistyped domain names are used to lure visitors into thinking they are dealing with legitimate cryptocurrency businesses.
According to the report, one Brazilian male spent Bitcoin worth over $200,000 to buy mistyped domain names, including wwwblockchain.com, hlockchain.com, and blpckchain.com, between November 2020 and February 2021. The three mistyped domain names are designed to appear similar to crypto infrastructure provider blockchain.com.
The Brazilian also spent over $16,000 to buy conibase.com, which was created to look like popular cryptocurrency exchange Coinbase.com.
A .com domain name costs about $10 on average when first registered. It can then be