Top sneaky crypto scams that are happening on Twitter is based on a selection made by Serpent, a cybersecurity expert. He shared the most heinous cryptocurrency and nonfungible token (NFT) frauds currently active on Twitter.
The analyst is the creator of Sentinel, an artificial intelligence and community-powered crypto threat mitigation solution, and has 253,400 followers on Twitter.
Serpent explained how scammers target naive crypto consumers using imitation websites, URLs, accounts, hacked verified accounts, bogus projects, false airdrops, and lots of malware in a 19-part discussion released on Aug. 21.
Top Sneaky Crypto Scams That Are Happening On Twitter
One of the most concerning techniques comes in the wake of a recent round of crypto phishing schemes and protocol attacks. Serpent outlines how criminal actors exploit the Crypto Recovery Scam to defraud consumers who have just lost coins due to a massive attack, stating:
“Simply put, they attempt to target people who have already been scammed, and claim they can recover the funds.”
According to Serpent, these fraudsters pose as blockchain developers and seek out people who have been the victim of a recent large-scale theft or vulnerability, demanding a fee to install a smart contract that can retrieve their lost cash. They instead “take the fee and flee.”
This was seen in action during the multimillion-dollar Solana wallet attack earlier this month, with Heidi Chakos, the host of the YouTube channel Crypto Tips, urging the community to be wary of scammers proposing a solution to the hack.
Another technique makes use of current exploits. The Fake Revoke.Cash Scam, according to the analyst, lures users into visiting a phishing website by informing them that their crypto assets may be at risk, utilizing a “state of urgency” to convince them to click the infected link.
Another technique uses Unicode Letters to make a phishing URL appear nearly identical to a legitimate one by changing one of the letters with a Unicode lookalike. Meanwhile, in another technique, scammers steal a verified Twitter account, rename it, and use it to impersonate someone of prominence in order to push bogus mints or airdrops.
The remaining scams are aimed at consumers who wish to make rich rapidly. This includes the Uniswap Front Running Scam, which is frequently seen as spam bot messages instructing users to view a video on how to “earn $1400/DAY front-running Uniswap,” but instead dupes them into sending their cash to a scammer’s wallet.
A Honeypot Account is another approach in which people have allegedly leaked a private key in order to obtain access to a filled wallet. When customers try to contribute crypto to fund the transfer of coins, they are promptly routed away to the fraudsters’ wallets via a bot.
Another method is to encourage high-value NFT collectors to “beta test” a new play-to-earn (P2E) game or project, or to request false work from NFT artists.
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