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Sophos Investigates Two Active Cyberfraud Operations Cashing in on Crypto-Romance Cons

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Sophos, a global leader in innovating and delivering cybersecurity as a service, on Monday released details of two expansive, still operational, pig butchering or sha zhu pan rings (elaborate and lengthy financial fraud scams that can cost victims thousands of dollars) that scammers are operating from Asia.

One of the rings, based in Hong Kong, involves a fake gold trading marketplace, while the other, based in Cambodia and with ties to Chinese organized crime, netted the scammers $500,000 in cryptocurrency in just one month.

In both schemes, the scammers targeted Sophos’ principal threat researcher, Sean Gallagher, directly via Twitter and text message, respectively, rather than dating apps, the traditional method used to find and target victims. Part one of a two-part series, “Fool’s Gold: Dissecting a Fake Gold Market Pig Butchering Scam,” released today, focuses on the inner workings of the ring based out of Hong Kong, which demonstrates how these scammers are upping their technical sophistication to lure in and con targets.

“For two years, we’ve been following and reporting on a subset of these pig butchering schemes called CryptoRom.

“This is a particular flavor of pig butchering that relies on romance-based lures with scammers approaching potential victims on dating apps and then asking them to invest in fraudulent crypto trading apps.

“But CryptoRom is really just the tip of the iceberg. Since the start of the pandemic, this type of cyberfraud has massively expanded.

“These scammers are now targeting people on all major social media platforms or even direct message, and they’re not limiting themselves to just exploiting crypto but also gold and other forms of currency or trading value. They’re quite literally going after the whole hog,” said Sean Gallagher, principal threat researcher, Sophos.

In the first scam Gallagher investigated, he spent three months interacting with one of the scammers after they approached him directly on Twitter.

The scammer posed as a 40-year-old woman from Hong Kong who quickly attempted to move the conversation to WhatsApp. From there, the scammer tried to convince Gallagher to invest in a fake gold trading marketplace, touting her connections with her “Uncle Martin”—supposedly a former Goldman Sachs analyst.

She then directed him to a site that copied the branding of a legitimate Japanese banking company called Mebuki Financial, where the foreign exchange and commodity trading services were to be conducted.

While the social engineering of this scam was less polished than other cases Sophos has investigated, it showed a marked increase in technical sophistication for these types of groups.

The scammers used an elaborate combination of highly effective SEO, polished scam pages to “register” new clients on their fake Mebuki website, and a pirated version of a legitimate trading app (MetaTrader 4) with additional malicious code to steal money from their victims. They are also actively updating their operation’s scam infrastructure to avoid being shut down.

“Both scam rings are still operational and will be difficult to shut down. While we marked the domains and IP addresses being used by the attackers in the Hong Kong ring as malicious, their scam operations have already shifted to new domains.

“They already have a new download infrastructure in place for their pirated version of the MetaTrader app, so, at this point, we’re essentially playing ‘whack-a-mole’.

“Unfortunately, that’s the reality as these operations become broader in scope, targeting more regions and across different platforms. The move from crypto to gold also shows how easily these groups can find a new niche to exploit.

“That means the best defense is public awareness of these types of scams. People should be wary of any SMS, dating app, or social media direct message from a stranger who strikes up a conversation and then suggests moving it to WhatsApp or Telegram—especially if they make claims about wealth obtained from crypto or other trading,” said Gallagher.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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MTN, Lynk Global Make Africa’s First Satellite-to-Mobile Call

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MTN South Africa, in partnership with Lynk Global, has successfully conducted Africa’s first satellite-to-mobile phone call touted as a groundbreaking development.

MTN, Lynk Global Make Africa’s First Satellite-to-Mobile Call

This historic trial, conducted in Vryburg, North West province, marks a major step toward bridging connectivity gaps in underserved and rural regions across the continent.

The test involved making a voice call using a standard smartphone connected via a low-Earth orbit (LEO) satellite.

This innovative approach eliminates the need for traditional network infrastructure, providing a viable solution for remote areas with limited or no mobile coverage.

According to Charles Molapisi, CEO of MTN South Africa, this initiative aligns with the company’s broader strategy to extend network coverage to hard-to-reach areas.

“This achievement demonstrates our commitment to leveraging cutting-edge technology to ensure connectivity for all, regardless of location,” Molapisi stated.

The trial also assessed SMS capabilities over the LEO satellite connection, proving the technology’s potential for widespread application.

With successful implementation, satellite-to-mobile communication could revolutionise telecommunications in Africa, enabling digital inclusion and economic opportunities in regions previously disconnected from mainstream networks.

This milestone underscores the growing role of satellite technology in Africa’s telecommunications landscape.

By integrating satellite solutions with existing mobile networks, MTN and Lynk Global aim to provide seamless connectivity that overcomes traditional infrastructure challenges.

 

 

 


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Smart Treasure Investment Team’s Initiatives Eradicate Poverty, Says Aminu

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Samson Aminu
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Samson Aminu, also known as Smile, has described the Smart Treasure Investment Team (ST Team) as a transformative force that has empowered its members and significantly contributed to poverty eradication.

Samson Aminu

Aminu, a VIP 9 member of the team, shared his experiences on Friday during the official car presentation ceremony held at the regional office in Lagos. Having recently received a Lexus RX350 and an international vacation from the team, Aminu recounted how the organization has positively changed his life.

“The Smart Treasure Investment Team has really imparted my life positively and changed my status from zero to hero,” he said.

He revealed that his first earnings through the team allowed him to relocate to a new apartment and acquire gadgets. “I’ve purchased various items for myself and my family, and established an operational center in Ilorin,” he added.

The ST Team, according to Aminu, aligns its activities with the United Nations’ 16 Sustainable Development Goals (SDGs), which include youth empowerment, poverty eradication, support for education in rural areas, and community service.

“The ST Team has come to eradicate poverty in Africa and across the globe. We are teaching people how to catch fish by themselves and making them financially stable,” Aminu explained.

He highlighted the organization’s initiatives such as providing allowances to civil servants, feeding the elderly, orphans, and widows, and investing in agriculture to sustain local communities.

“If the ST Team lasts long for another three years, the government would be grateful to this project as it would bring peace and comfort to the society,” Aminu said.

He applauded the leaders of the organization, Dr. Harold and Mentor Tina, for their sincerity, honesty, and dedication to humanity. “I urge the government to support this project, which has brought significant change to Nigeria in just two years,” he said.

Aminu, who has over 15 years of experience in multilevel marketing, commended the team for its exceptional standards and sustainability.


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15-Year-Old Autistic Artist, Kanye, to Unveil World’s Largest Art Canvas on Autism Awareness Day

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Kanyeyachukwu Tagbo-Okeke, affectionately known as Kanye, has become a beacon of inspiration for Nigeria’s youth. The 15-year-old autistic artist is set to unveil what is expected to be the world’s largest art canvas by an individual on April 2, 2025, World Autism Awareness Day, at Eagles Square in Abuja.

Kanye’s journey began at the tender age of two when he first showed a proclivity towards art. Despite facing challenges associated with autism, Kanye has flourished as an artist, earning accolades and the nickname “Young Picasso” for his exceptional abstract paintings.

The young prodigy’s attempt at breaking the Guinness World Record started in November. 2024, as part of the Zeebah Foundation’s ‘Impossibility Is A Myth’ project. This initiative not only showcases Kanye’s extraordinary talent but also aims to raise funds for a state-of-the-art autism resource center in Abuja, highlighting the need for greater support and inclusion for individuals with autism.

Kanye’s story aligns with MTN Nigeria’s recent “Go Make A Difference” (Go M.A.D) campaign, which encourages Nigerians to take bold steps and create positive impacts in their communities. Onyinye Ikenna-Emeka, MTN’s Chief Marketing Officer, emphasised how Kanye embodies the Go M.A.D philosophy: “MTN’s mission is to connect people all over the world. Kanye is connecting art lovers, and people all over the world as well. He is a true icon, breaking barriers and proving that nothing is impossible”.

The unveiling event will be attended by key dignitaries, including FCT Minister Nyesom Wike, and Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa. This high-profile support underscores the significance of Kanye’s achievement and its potential to inspire change.

Kanye’s father, Tagbo Okeke, stressed that this record attempt goes beyond personal achievement. “We started this awareness campaign to tell parents that no child should be left behind, that they are Fabulous, Autistic and Talented,” he said. The family’s efforts, including opening a gallery in Abuja where art therapy workshops are conducted, demonstrate their commitment to supporting others on the autism spectrum.

As Nigeria’s youth witness Kanye’s remarkable journey, many are inspired to make their own difference, regardless of the challenges they face. Kanye’s story proves that with determination, support, and the right tools – such as those provided by initiatives like MTN’s Go M.A.D campaign – young Nigerians can achieve extraordinary feats and create meaningful change in their communities.

Kanye’s upcoming unveiling of his monumental artwork is not just a personal triumph; it’s a powerful statement about inclusion, perseverance, and the limitless potential of Nigeria’s youth to make a difference.


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