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Crooks and other cyber thieves are continually looking for ways to scam you out of money. Some attempts are rather lame and easy to identify. Others are more cleverly constructed and harder to detect. Just keep in mind that as long as people are making money online, there will be other people trying to steal it.
Through Decrypt and posted on Yahoo Finance is news of a twitter scam aimed at stealing bitcoin.
Bitcoin’s (BTC) bull run this year has attracted quite a bit of attention. As the market value of BTC goes up, so does the amount of Crypto Twitter scams. This is according to Harry Denley. He just released a report for MyCrypto as a cybersecurity researcher.
It is estimated that the accounts associated with the scams have cost victims upwards of $150,000 in both Bitcoin and Either. His study covered 333 Twitter users along with 327 tweets and 425 tweeted images. Denley detected a 95 percent increase in signups for shady accounts. These accounts are offering fake Bitcoin and Ethereum giveaways.
These scams tend to show up in news feeds. They use the allure of larger amounts of BTC or other cryptos for a small initial investment upfront. The OG scammers have hijacked verified accounts then changed their name to impersonate legit business opportunities. They also hijack idle accounts that have been abandoned by the original user. These are then used for all of their scamming efforts.
As part of his study, Denley discovered a couple of the biggest scammers using Twitter. One was @AgamYogi. This was set up to be an industrial engineer from Jakarta, Indonesia. The handle @megandaisy98 posted its last tweet in 2018. It was also discovered to be used in a scamming effort.
The scammers also employ the use of bot accounts. These can be used proliferate the scams as well as comment on them. The comments normally confirm this nefarious activity as being legitimate.
The actual tweets are almost always in the form of screenshots. This makes it harder to trace. Denley discovered 52 “fake domains.” He also added that 64 percent of those domains are hosted in the US.
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