Crypto Twitter has become an important platform for scamsters who look for ways to dupe crypto investors out of their hard-earned money. The bad actors employ various techniques to get users account’s access or make them send tokens to their accounts. Some of the industry leaders and crypto experts have already shown concern regarding crypto Twitter scams warning people to prevent them. Below mentioned are some of the most common crypto twitter scams which you should know about if you invest in crypto and have a Twitter account.
The honeypot scams
One of the most common crypto scams is the honeypot scam which worries both the crypto and traditional finance industry. Scamsters and hackers now use Twitter to exploit investors by luring crypto holders to send crypto to a wallet and then take away their funds. Usually, the honeypot scammers will offer rewards for assisting them in completing simple tasks like transferring coins from one wallet to the other. The wallet contains mysterious winnings that add to the scammer’s credibility but do not accept tokens to cover the transaction fees. When you transfer funds to cover transaction fees, the bots automatically send your tokens to the wallets of the scammer.
Fake tweets and retweets have also become a common trend on Twitter. A scammer uses this technique to create a fake emergency situation that may lead users to unknowingly use phishing sites. They may turn off comments for the fake tweet that stops others to expose the scamming scheme. Once users land on the fake page, they may be asked to provide wallet details for completing particular transactions like safeguarding from cyber-attacks. The details get recorded and can be later used by bad actors to drain users’ accounts.
By using Unicode Letters
Under this crypto twitter scam, bad actors use spoofed URLs via Unicode letters that look like original ones. The link directs users to a fake site that again looks authentic. This kind of scam usually targets newbies or once who hold a small number of cryptos and wishes them to multiply instantly. For Unicode letters-based scams, scamsters use various tools and sites through which they easily create fake URLs. Although the scamsters replicate the original letters with Unicode letters, sometimes, it comes with another hyperlink to hide the domain name.
Fake airdrops and landing pages
Many scamsters use a Twitter account to create fake websites for airdrops. The links look similar to the real registration page where users have to fill in credentials like name, wallet ID and others that helps scamsters in draining the accounts later. They usually dupe people by spreading fake news like crypto airdrops or free tokens attached to the linked site.
Fake account recovery service scam
Many users indeed reveal their bad experiences while using a crypto account or when they have been spoofed by scamsters. Bad actors further use these keywords to interact with the spoofed person and then use fake accounts for help. The fake accounts represent themselves as crypto experts and claim to recover the lost funds, usually free of cost. The victim might show desperation to recover losses or even agree to pay fees for it. When the payment is received, scamsters start avoiding their emails.
One of the most common exploitations going on the Twitter account is asking users to download files which usually contain malware or a script that can scan the entire system along with private keys. For instance, in fake gaming exploits, scamsters send a prototype of a P2E platform and ask the user to try the game for rewards. The users extract the files that contain malware capable of running a program. Bad actors may also approach artists to commission them for creating digital art for some company. When the art is transferred, the artists are asked to extract certain files to create an account with the company and thereafter, drain their crypto account through malware transfer.
Gaining trust through fake verified accounts
One way through which scamsters easily gain people’s trust is by making their accounts look authentic with the help of blue checkmarks on Twitter. The scamsters create a page on the social media platform and use it cleverly to trick others. Facebook and Instagram also use a similar display mark for an authentic account. But you must never rely on them completely since there have been instances where scammers have breached these platforms’ security to make their account look authentic. Once people trust these accounts, they share all details when asked upon.