As millions around the world observe Ramadan, a sacred time of reflection and generosity, cybercriminals are exploiting this period with an alarming rise in cryptocurrency and e-commerce scams. CloudSEK, a provider of AI-driven cybersecurity solutions, has released an in-depth report exposing how fraudsters are deceiving individuals and organizations under the guise of charity and investment opportunities.

Ramadan is synonymous with goodwill and charitable donations, making it a prime target for malicious actors. Cybercriminals are leveraging religious sentiments to trick unsuspecting donors and investors into fraudulent schemes, draining digital wallets, and stealing sensitive financial information. CloudSEK’s latest research has uncovered a surge in scams using social engineering tactics to exploit trust. One of the most concerning trends is the emergence of ‘Ramadan AI’, a deceptive platform falsely promising crypto rewards to those who engage in faith-based activities.

Key findings from CloudSEK’s investigation:

• Fake Ramadan Crypto Giveaways: Fraudulent websites are enticing users with the promise of free cryptocurrency in exchange for connecting their wallets, ultimately leading to fund theft through malicious smart contracts.
• Manipulation Through Religious Sentiments: Scammers have introduced “Earn While You Worship” programs, encouraging users to participate in religious acts such as prayer and Quran recitation in exchange for digital currency, creating a dangerous gateway for financial exploitation.
• Deceptive Social Media Tactics: Over 15 newly created accounts on X (formerly Twitter) have been promoting dubious Ramadan-themed tokens ($RMDN, $RAMADAN, $SABR, and $DOZERAMZAN), misleading users into buying volatile and potentially fraudulent investments.
• Fraudulent E-Commerce Websites: Cybercriminals are operating fake online stores, particularly targeting Ramadan shoppers with deep discounts on cultural attire. Victims often receive counterfeit goods—or nothing at all.
• Zakat and Charity Scams: Fake donation campaigns, falsely claiming to represent legitimate Islamic charities, are tricking generous individuals into transferring funds to fraudulent accounts.
• Fake Mobile Data Giveaways: Over 50 newly registered domains with “.top” and “.xyz” TLDs have been associated with fraudulent Ramadan data giveaway campaigns, primarily targeting telecom users in the Philippines and the Middle East.

“These scams are not just isolated incidents; they represent a massive, coordinated effort by cybercriminals to exploit religious generosity on a global scale. The sheer volume of fraudulent crypto projects, fake charities, and deceptive e-commerce operations detected this Ramadan highlights a deeply concerning trend. With over 50 fake domains identified, we urge users to exercise extreme caution when making donations or investing in Ramadan-themed tokens,” Noel Varghese, Threat Researcher, CloudSEK.

CloudSEK warns that these scams not only pose a financial risk but also damage trust in genuine charitable efforts. The report underscores the urgent need for heightened awareness, stronger regulations, and responsible digital behavior to prevent unsuspecting individuals from falling victim to these schemes.

How to stay safe:

• Verify Charitable Organizations: Only donate to established charities by checking their official websites and verifying their credentials before making contributions.
• Be Wary of Unrealistic Offers: If an investment or giveaway appears too good to be true, it likely is. Avoid offers promising large crypto rewards with minimal effort.
• Protect Your Crypto Assets: Never connect your crypto wallet to unverified platforms or share sensitive information, such as private keys or seed phrases.
• Scrutinize Social Media Promotions: Avoid engaging with newly created accounts aggressively promoting crypto giveaways and investment schemes, particularly those leveraging religious themes.

Ledger has teamed up with Tony Fadell, builder of the iPod1, to bring clarity and confidence to owning digital value. Ledger StaxTM is a usable way for you to take control of cryptocurrency and digital collectibles. It’s built on uncompromisingly secure architecture and introduces a unique form designed for unprecedented accessibility and interactivity.

Ledger Stax has a new E-Ink display, which covers the front and curves around the spine—you can view complete transaction details at a glance. E Ink is always viewable: your favorite art appears on the Ledger Stax screen, even when it is off. It also provides unmatched energy efficiency, so the battery can last for weeks or even months on one battery charge.

“With the Ledger NanoTM series, we created the most successful digital asset security hardware of all time—with more than 5 million sold and none ever hacked,” says Pascal Gauthier, CEO, and Chairman of Ledger. “Digital assets are increasingly about identity and digital ownership, not just crypto like Bitcoin. The time is now for a device for more mainstream users. At the same time, we must not compromise on security. This is Ledger Stax—secure and accessible.”

Tony Fadell designed Ledger Stax, in collaboration with Layer, as a credit card-sized device with integrated magnets, making them easily stackable, particularly for those who own multiple devices. The curved E Ink spine shows what’s inside, like a book on a shelf. Ledger Stax uses secure USB-C to connect to the comprehensive Ledger Live app on your laptop, and Bluetooth to connect to the Ledger Live Mobile app on your smartphone. It will utilize Ledger Connect, our upcoming crypto wallet extension, to connect to Web3 apps from anywhere. Ledger Stax also supports wireless Qi charging.

“Digging into Ledger’s proven security technology and trying all the ‘best’ hardware wallets out there convinced me to build a next-gen device with Pascal, Ian, and the amazing Ledger team,” says Tony Fadell, designer of Ledger Stax and Principal at Build Collective. “We need a user-friendly…no! A ‘user-delightful’ tool, to bring digital asset security to the rest of us, not just the geeks.”

The new user interface enables clear, intuitive interaction. Out of the box, Ledger Stax lets you manage your NFT collection and over 500 coins and assets. The touch interface empowers Ledger’s exceptional developer community to build innovative Web3 applications that are more accessible, with uncompromising security. Ledger Stax will be available in Q1 2023. You can pre-order today on Ledger.com. In the future, it will also be available from select retailers such as BestBuy in the United States.

Every Ledger Stax includes an Infinity Pass, providing a free NFT and future benefits. Furthermore, a Ledger Stax NFT is available to mint on Ledger Market to unlock access to an exclusive piece of NFT artwork from Ledger’s network of hand-picked artists, and also redeem a Ledger Stax device. Ledger Market Genesis Pass holders have special mint priority for this mint.

“Tony Fadell has both the circuit board and the billboard in mind when he builds a product,” says Ian Rogers, Chief Experience Officer at Ledger. “With Ledger Stax, we have made a device that is cool, beautiful, and fun. Together we have fused the uncompromising security and self-custody culture of Ledger, with the equally uncompromising user-experience-focused culture of Tony and his team. The result is the first true secure consumer hardware device for the revolution of value brought by blockchain technology.”

SPECS:
Dimensions: 85mm × 54mm × 6mm (credit card length and width)
Security: Ledger EAL 5+ certified secure element
Screen type: E Ink (up to 16 grays), customizable always-on lock screen, capacitive touch Screen resolution: 672 × 400 pixels
Weight: 45g
Connectivity: USB C, Bluetooth 5.2
Unique magnet array for easy stacking
Qi wireless charging

Widely mocked plans to establish a tropical haven for cryptocurrency enthusiasts have run into trouble after a contract to buy an island in Fiji for US$12m fell through:

A group of crypto-evangelists, led by Max Olivier and Helena Lopez, outlined plans for the island, Nananu-i-cake, in a lavishly animated YouTube video, featuring a wide-eyed crypto bro named Christopher landing by helicopter and being given a guided tour by a talking coin called Connie.

The full YouTube clip has been taken down, but cached copies show it touted the island as “an international hub for the community to come live, work and have fun and enjoy a first-class crypto lifestyle”, boasting “a complete ecosystem that represents the blooming crypto space” that was “a paradise made by crypto enthusiasts for crypto enthusiasts”.

Areas planned included Cryptoland Bay, Crypto Beach, House of Dao – a reference to decentralised autonomous organisations, a form of non-corporate structure promoted by crypto enthusiasts as an alternative to companies – and the members-only Vladimir Club, another crypto in-joke that refers to people who hold 0.01% of a given cryptocurrency.

Also on offer were 60 plots of land on what the video describes as “the Blockchain Hills” (Nananu-i-cake has only one hill). These were to be sold to “Cryptolander Kings” via non-fungible tokens – unique tokens that use the same blockchain technology underpinning cryptocurrencies like bitcoin.

The project has been compared to the collapsed Fyre festival and the video was greeted with scoffing on social media.