Trader reportedly loses $550,000 to Google ad scam

A crypto trader has reportedly lost approximately $550,000 in USDC as they fell victim to a Google advertisement phishing scam, as per the crypto asset tracing and recovery firm FlashRescue's co-founder Darcy.

On Aug. 13, Darcy posted on X that the user lost the sum to a paid Google ad that directed the user to a website impersonating Hyperliquid. Darcy identified three addresses belonging to the alleged hacker:

• 0x98b2761559A348968C994D9856dCfc96B6f13C55
• 0x93b6B24DC6E6a1D5d72399e3A35498c4DbA1d6D1
• 0x6fE314fD4CF845f35fc461eD98e2FB8d9356B566

Related: YouTube takes down multiple crypto channels over 'harmful' content

When Google released its latest fraud and scam advisory in June, it issued a strict warning on crypto investment frauds and cited the FBI note about Americans reportedly losing more than $11 billion to crypto scams in 2025.

Google said it maintains policies aimed at protecting users from deceptive crypto ads. It also claimed to be enforcing its Unreliable Claims policy, which restricts ads making unrealistic promises of large financial returns.

The tech giant also said its Unacceptable Business Practices policy enables it to take action against actors attempting to impersonate trusted brands or crypto platforms.

When TheStreet Roundtable reached out to Google for a comment, the company's spokesperson told us,

“We have zero tolerance for scams, and suspended this advertiser’s account prior to being contacted for this story. We block 99% of policy-violating ads before they ever run, and last year alone, we removed over 602 million scam ads.”

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What is Hyperliquid?

Hyperliquid is a decentralized crypto exchange that is built to primarily trade high-leverage perpetual futures.

The crypto exchange lets traders speculate on commodities, equities, and private-company valuations through blockchain-based markets. The platform became increasingly popular among oil traders amid the U.S.-Iran war.

Related: Ripple CEO issues harsh warning on online scams this Christmas