Massive Network of 17,000 Websites Drive Global Investment Fraud

A widespread and rapidly evolving scam campaign leverages 17,000 fake news websites to defraud users worldwide through bogus investment platforms.

These “Baiting News Sites” (BNS) mimic reputable media outlets and misappropriate the identities of public figures and financial institutions to trick users into depositing funds into fraudulent crypto trading services.

CTM360’s findings stem from its WebHunt monitoring platform, which has so far identified more than 17,000 such BNS across 50 countries. These websites are meticulously localized, adopting regional languages, media branding, and references to local banks and influencers to build a façade of credibility and trust.

The scam typically unfolds in two main phases. It begins with the use of sponsored advertisements on platforms like Google and Meta, often featuring clickbait headlines alongside photos of central bank officials or celebrities. These ads lead users to counterfeit news articles that resemble those of CNN, CNBC, or Bloomberg, where fabricated stories endorse a fake crypto investment system, most often dubbed “Eclipse Earn.”

Victims who engage with the articles are redirected to fraudulent platforms like “Trap10,” “Solara,” or “Vynex,” which are professionally designed to appear as legitimate trading portals. Here, users are prompted to register by submitting personal information, followed by a phone call from a so-called investment advisor. These agents, often reading from a script, request sensitive documents and guide users toward making an initial deposit, typically around $240.

The platform simulates trading activity and generates fake profits to lure victims into making additional deposits. When users attempt to withdraw their earnings, they encounter various obstacles such as verification errors or the need to meet new minimum balances, stall tactics designed to prolong the scam and extract more money.

CTM360 highlights that many of these fake news pages are hosted on inexpensive or compromised domains such as .xyz, .shop, and .click, which complicates takedown efforts. Moreover, the operation has a strong presence in high-value regions including the United States, China, India, the UK, Germany, Brazil, and Saudi Arabia.

To stay clear from these scams, it is recommended to always be skeptical of financial opportunities promoted through ads or news stories involving celebrities or government figures, and verify the legitimacy of news articles by checking their source domain and comparing with official media outlets.