The crypto scammers are using Twitter to hunt their victims with hacked verified accounts as well as copycat websites

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The crypto scammers are using Twitter to hunt their victims with hacked verified accounts as well as copycat websites

In addition to phishing scams and protocol hacks, scammers have sucked crypto investors out of their assets. The crypto community is under attack on Twitter from scammers, according to cybersecurity analyst 'Serpent,' who has 253,400 followers.

 In order to lure unsuspecting victims into their traps, scammers have adopted sophisticated tactics, such as copycat websites, hacked verified accounts, and promises of fake projects and airdrops. Additionally, scammers target crypto investors who have lost assets to phishing scams or protocol hacks and share information about it on Twitter.

The 'crypto recovery scam' is a technique used by bad actors to further dupe victims of phishing scams. In order to recover stolen funds, they ask for a fee to deploy a smart contract. In the end, they take the fee and flee.

In his Twitter thread, Serpent noted that 'Unicode letters' and 'honeypot accounts' have also become increasingly common scams. It involves replacing legitimate URLs with infected ones created by scammers. The infected URLs are designed to look like the real ones. The scammer drains the target's wallet once they enter the fake website and give away their login information.

Alternatively, honeypot account scams use Twitter as a messaging platform. In crypto trading scams, scammers lock their target victims and contact them via direct messages for tips. According to the cyber analyst, Twitter users should refrain from engaging in such conversations with strangers.

According to BanklessTimes, US-based crypto investors lost in excess of $1 billion between January 2021 and March 2022 due to romance scams and other fraudulent activities. As compared to the same period in 2021, Hong Kong experienced an alarming 105 percent increase in crypto scams in the first six months of 2022.

It is reported that scammers are targeting the blockchain gaming and NFT communities through fake art commissions and malicious play-to-earn projects. Crypto, blockchain, and Web3 communities communicate via Twitter hashtags. In addition, these hashtag pools also provide hackers and scammers with an easier way to identify potential victims.

The FBI and a number of national security agencies have repeatedly warned crypto enthusiasts to avoid interacting with unknown individuals to protect their financial interests. In June, the FBI revealed that crypto fraudsters had been posing as financial advisors on LinkedIn and offering scam schemes to users. In a CNBC report, a bunch of LinkedIn users reported losses ranging from $200,000 to $1.6 million.

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