Cybersecurity analyst Serpent has uncovered eight cryptocurrency and non-fungible token (NFT) scams that plague social media platform Twitter.
With 253,400 platform followers, Serpent is the creator of the artificial intelligence and crypto threat mitigation system called Sentinel.
In a thread posted last Sunday (08/21/2022), Serpent describes how scammers are using websites, URLs, hacked verification accounts, fake projects, fake airdrops and malware to pose as inexperienced crypto investors.
8 Ways Twitter Crypto Scams Are Growing Right Now
According to a report by Cointelegraph, cybersecurity analyst Serpent, the eight patterns of Twitter cryptocurrency scams are:
1. Cryptocurrency recovery scam
Serpent explained that the cryptocurrency recovery scam targets people who have already been victims of a cryptocurrency scam. In this strategy, the scammer claims to be able to return the victim’s stolen funds.
According to Serpent, scammers pose as blockchain developers. Once the victim is found, the scammer charges a fee to implement a smart contract that allows them to get their funds back. However, in the end, the scammers did not return the stolen money to the victim, but took it in exchange for a favor.
Earlier this month, a cryptocurrency recovery scam targeted Solana wallet holders who were the victims of a multi-million dollar scam. Crypto Tips YouTube channel host Heidi Chakos has warned crypto investors to beware of this type of scam.
2. Fake review. Cash Fraud
The scammers are also using the Fake Revoke.Cash phishing site to trick victims, analysts say.
Serpent said it will share links with victims so that scammers can visit phishing sites. This analyst warns crypto investors not to accidentally click on links shared by strangers.
3. Create a phishing URL with Unicode characters.
Another strategy revealed by Serpent is to use Unicode characters to make phishing URLs look like real URLs. In URL spoofing, the criminals change the characters in the original URL to use Unicode, or a global technical standard designed to ensure consistent display of text and characters from any writing system on computers.
4. Hack verified accounts
Serpent said the scammers are hacking into verified accounts and then renaming those accounts to public influencer accounts. Through this account, scammers sell fake airdrops. Airdrop is the distribution of cryptocurrency tokens or coins, which are usually free, to various cryptocurrency wallet addresses.
5. Uniswap scam
This strategy is often seen as a spam message from a bot suggesting that victims watch the video “How to earn $1400 Uniswap coins a day”. However, if the victim performs the steps described in the video, they send funds to the scammer’s wallet.
6. Account with a honey pot
Another strategy, known as decoy accounts, is a ploy to alert victims that a digital wallet password has been leaked and instruct them to transfer funds. However, when the scammer demands a coin transfer fee, the victim sends the funds to the scammer’s wallet via a bot.
7. Fake games or P2E projects
Serpent said the scammers will ask high value NFT holders to beta test new games or P2E projects. However, these scammers send a malicious file that can clear browser cookies and obtain passwords and extension data from the victim.
8. Fake NFTs
This strategy usually targets powerful people. Fraudsters send fake NFTs from unofficial companies to victims. However, as with the previous scam tricks, the files sent by these scammers can scan cookies, get passwords, and get extensive data, including data from the victim’s digital wallet.