X Scams: How Fake Accounts Fuel Phishing Attacks
Scammers have been targeting X (formerly known as Twitter) users for years, and their tactics continue to evolve. One concerning aspect of these scams is that many victims are falling prey to misleading comments made by fake X accounts, which lead them to phishing websites.
Rise in Phishing Scams
A recent report by Scam Sniffer highlights the prevalence of phishing scams on X. According to the report, a significant number of victims were lured into these scams through deceptive comments made by impersonated X accounts. These comments directed unsuspecting individuals to phishing websites, where they became victims of fraudulent schemes.
- Approximately 57,000 individuals fell victim to crypto phishing scams.
- The total collective losses amounted to around $47 million.
- This marks a significant decrease of 75% in the number of victims compared to the previous month.
Ethereum mainnet accounts for the majority of these thefts, comprising 78% of the total. The primary assets targeted are ERC20 tokens, which make up 86% of the stolen funds. Phishing signatures like Permit, IncreaseAllowance, and Uniswap Permit2 were commonly used in these thefts. Additionally, scammers have started utilizing Safe or Account Abstraction wallets as token approval spenders, further complicating the phishing issue.
These findings align with the results of an investigation conducted by SlowMist. They discovered that a significant portion of theft incidents were facilitated by misleading comments under tweets from reputable projects. In fact, about 80% of comments under such tweets were identified as phishing scam accounts.
X Advertisements and Cybercriminal Exploitation
Despite Elon Musk’s promises to address the issue, X advertisements continue to be exploited by cybercriminals. These malicious ads promote websites that lead to various scams, including crypto drainers, fake airdrops, and other fraudulent activities.
Don’t be trapped in new scams. A group of fraudulent influencers is promoting $BALLZ, after previously shilling $Analos. They are dumping a small amount of $BALLZ on you every second. Using bot buying to trend on Dexscreener & Birdeye.
In 2023, X’s revenue dropped by 22% compared to the previous year, reaching $3.4 billion. The decline can be attributed to a significant decrease in advertising income over the past two years. Despite efforts to compensate through subscriptions and data licensing, these revenue streams have not made up for the loss.
Hot Take: Protect Yourself from X Scams
X scams continue to pose a significant threat to crypto users. To protect yourself from falling victim to phishing attacks and other fraudulent schemes on X, follow these tips:
1. Be Vigilant of Comments and Replies
- Avoid clicking on links shared in comments or replies from unfamiliar or suspicious accounts.
- Double-check the authenticity of an account before engaging with its comments or replies.
2. Verify Information from Reputable Sources
- Rely on verified accounts and official sources for accurate information about crypto projects or news.
- Don’t trust information solely based on comments or replies.
3. Use Two-Factor Authentication (2FA)
- Enable 2FA for your X account to add an extra layer of security.
- Choose a strong, unique password for your account.
4. Report Suspicious Accounts and Scams
- If you come across a suspicious account or suspect a scam, report it to X for investigation.
- Help protect the community by reporting potential scams and warning others.
By staying vigilant and taking necessary precautions, you can reduce the risk of falling victim to X scams. Remember, it’s essential to prioritize your online security and protect your crypto assets from phishing attacks.
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