Cybersecurity Company Uncovers Widespread Scam Activity on Social Network X
Cybersecurity company SlowMist recently conducted an analysis of social network X and discovered that a staggering 80% of comments under publications from well-known projects were related to phishing software. In their report, SlowMist revealed that scammers are actively purchasing X accounts for scamming purposes, with the Telegram messenger application serving as a popular marketplace for these transactions.
Attackers have access to a wide selection of accounts that resemble profiles of reputable crypto projects. These accounts may vary in the number of subscribers and registration date. Once scammers acquire an account, they employ advertising tools to boost their credibility on the social network, increasing subscribers, likes, and profile visibility. Interestingly, these services are not provided by the platform itself but by third-party services that often accept payment in cryptocurrencies.
The Scammer’s Tactics
After acquiring an account, scammers disguise it as an existing project and deploy bots to monitor the original account’s publications. Whenever a new post is made by the legitimate account, the scammer’s account immediately comments on it, creating an illusion of relevance and legitimacy. However, these comments are often accompanied by links leading to websites with phishing software designed to steal user assets.
Using their MistTrack tool, SlowMist analysts were able to trace some addresses associated with these scammers. Their findings revealed that attackers frequently establish entire networks to distribute malicious links.
The Alarming Scale of Phishing Attacks
Scam Sniffer reported that in 2023 alone, wallet drainers managed to steal $295 million worth of cryptocurrencies from approximately 324,000 victims. This alarming trend indicates a significant escalation in both the scale and sophistication of phishing attacks.
Hot Take: Scammers Exploit Social Networks to Target Crypto Enthusiasts
Crypto enthusiasts must remain vigilant as scammers continue to exploit social networks for their malicious activities. SlowMist’s analysis of social network X highlights the widespread presence of phishing software in the comments section of well-known projects. By purchasing accounts and utilizing advertising tools, scammers create an illusion of legitimacy before directing users to websites designed to steal their assets. This serves as a stark reminder that users should exercise caution and thoroughly verify any links or information they encounter online, especially within the crypto space.
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