Telecom
Sophos Investigates Two Active Cyberfraud Operations Cashing in on Crypto-Romance Cons
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.
SHELT, a leading cybersecurity-as-a-service provider, has earned inclusion in the 2025 MSSP 250, the annual ranking of the world’s top 250 Managed Security Service Providers (MSSPs) by MSSP Alert, a CyberRisk Alliance publication.
SHELT
The list evaluates firms on business performance, service breadth, and industry impact, spotlighting those excelling in growth, operational excellence, and advanced managed security amid rising cyber threats. Selection criteria include annual recurring revenue, profitability, workforce expansion, business growth, and the depth of managed security offerings.
SHELT’s recognition underscores its investments in scalable security operations, threat intelligence, and tailored managed services across multiple regions, enabling clients to navigate complex risk landscapes effectively.
“Being recognised in the MSSP 250 is a meaningful milestone for our team,” stated Youssef Abillama, CEO of SHELT. “It validates our focus on building practical, resilient security services that help organisations manage risk and respond effectively to today’s evolving cyber threats.”
The company hailed the honour as testament to its teams’ dedication and expertise worldwide, reaffirming commitment to enhancing capabilities and delivering trusted cybersecurity solutions.
Meta Platforms, owner of Facebook, has appointed Dina Powell McCormick, a former adviser to President Donald Trump, as its new president and vice chairman, bolstering its leadership amid aggressive AI and infrastructure expansion.
Dina Powell McCormick
The announcement, made on Monday, positions Powell McCormick – who recently stepped down from Meta’s board after eight months – to guide overall strategy, including multi-billion-dollar investments in data centres and global partnerships.
A Goldman Sachs veteran with 16 years in senior roles and prior stints as deputy national security adviser under Trump and in the Bush administration, she brings deep finance and international ties to the role.
Meta CEO Mark Zuckerberg hailed her as “uniquely qualified” for the company’s next growth phase, while President Trump praised the move on Truth Social as a “fantastic choice”.
The hire signals Meta’s efforts to strengthen White House relations, following recent dinners with Trump and U.S. investment pledges worth hundreds of billions
X, the social media platform formerly known as Twitter, has suspended the @Twitter account, replacing its profile with a standard notice citing violation of platform rules.
Musk
The action, which occurred on Sunday, January 11, left users encountering the handle greeted by a bold “Account Suspended” message on a black screen, with no details provided on the specific rules broken or the duration of the suspension.
The development has sparked widespread confusion and nostalgia among users, given that Elon Musk rebranded Twitter to X in July 2023, approximately six months after acquiring the platform for $44 billion in late 2022.
The @Twitter handle had remained dormant since before Musk’s takeover, serving as a legacy remnant of the platform’s original branding, and its suspension appears to mark the final erasure of the Twitter name amid X’s ongoing efforts to combat spam, impersonation, and rule violations.
X’s official statement on the suspended page simply reads: “X suspends accounts that violate our rules,” without offering an appeal process or further explanation, unlike standard user suspensions.
Public reactions on social media ranged from humorous laments of “RIP Twitter” to speculation that the move resulted from automated moderation or a deliberate cleanup of legacy trademarks.
xAI’s Grok AI described it as a purposeful retirement of outdated elements rather than a genuine infraction, while neither Elon Musk nor X spokespeople issued any comment as of Monday morning.
This incident underscores the evolving identity of the platform under Musk’s ownership, which also saw a domain shift to x.com in 2024, further distancing it from its Twitter roots.
Industry observers note that while the suspension aligns with X’s stricter enforcement policies, the lack of transparency has fueled debates on consistency in applying rules to high-profile legacy accounts.
Ecobank Joins Trillion-naira Club for the First Time in 20 Years
PalmPay, Premier Cool to Reward 10,000 Nigerians with ₦100m in “10k for 10k Campaign”
Nigerian Terra Industries Secures $11.8m for Expansion
Kaspersky Warns Telecom Threats from 2025 will Carry into 2026 as New Technology Adds New Risk
SHELT Named in Prestigious 2025 MSSP 250 List for Cybersecurity Excellence
Banks quietly move to enforce new ₦50 transfer levy from Jan. 1
FIRS says NIN, CAC Numbers to Serve as Tax IDs from 2026
Nigeria Takes the Lead in the Global WSIS+20 Digital Agenda
Nigeria Police Arrest Okitipi, Nigerian Allegedly Linked to Microsoft 365 Hack
PalmPay Launches N400 Million World Travel Carnival, Rewarding Users with Free Global Trips
General News3 days agoMinistry of Finance Leads FG-Backed Deal to Deliver Quality Homes and Boost Agriculture in Niger State
News3 days agoSERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion
E-Financial3 days agoNDIC Declares Second Liquidation Dividend for Heritage Bank Depositors
Telecom3 days agoFG Plans to Invest $460m World Bank Loan in Fibre Infrastructure
News3 days agoAI Founders and Developers to Converge in Lagos for AI in Action 2026 conference
News3 days agoFG Inaugurates N40Bn CCTV Control Centre for Third Mainland Bridge
E-Financial2 days agoWema Bank Upgrades ALAT Banking App
Telecom2 days agoX Suspends Twitter Account for Rules Violation