Crypto Twitter Scams That Are Draining All Assets

by | Sep 5, 2022 | Market, Market News, News | 0 comments

Crypto Twitter is a growing virtual space for virtual currency platforms. It is renowned for its consistency of blockchain projects, CEOs, founders, lead developers, and investors. The platform is wrapped with posts of their activity regarding the crypto industry. Hence, it became a remarkable space for industry updates, experts’ opinions, and also trending crypto offers.

But the concern is that the platform became a center point of hackers and scammers, who are randomly grabbing the investors’ assets through tactics. The scam or misleading activities are taking place through multiple techniques like sending a token to the user’s wallet offering attractive assets. The only aim is to get access to the user’s wallet.

In this article, we are going to provide information regarding some of the most common crypto and NFT scams on Twitter.

The Honeypot Scam :

Honeypot scams are one of the most renowned financial exploits nowadays. It spread dominance in both traditional finance and the crypto industry. They are now prepared for Twitter as well. The scammers lure victims to send crypto into a wallet. After, they take off the funds.

Lucrative Rewards Scam :

They sometimes offer lucrative rewards to the users for participating in simple tasks. The task is like transferring coins from one wallet to another, as simple as that. The bad actors might act like crypto newcomers. They may have mysterious stocks of crypto assets. They act like they don’t know how to trade these tokens for fiat currency. The related wallet may have mysterious winnings for credibility to the users. Though, it will lack accepted tokens to cover the transaction fees.

Bot Scam :

When a user transfers over the funds to wrap transaction fees, a bot will automatically transfer the tokens to a wallet that is controlled by the scammers.

Those tactics have become very easy to purchase or use bots to generate fake likes and retweets. Scammers use this advantage to get fake authenticity. They smartly play by turning off the comments for the tweet. That prevents them from the social media whistle-blowers.

Fake Website Scam :

When any user reaches the fake page, they are asked to fill in their wallet details to complete certain activities related to the task. These wallet details are recorded and used to exploit assets.

The Gaming Scam :

In that kind of fake gaming exploit, scammers send users a prototype of a P2E platform. They might be asked or lure users to try the game and offer a reward for their review. Which users extract the file containing the malware, and run the program. The scammer can also hire artists and pay them to develop digital art for some fake company.

This exploit takes place by downloading a certain file on users’ PCs or devices. Though the files may look like genuine files from the surface. It helps to enter some kind of malware or script that can scan users’ systems for passwords and private keys.

Unicode Letter Scam :

Previous experience shows that scammers have started following Unicode letters to create fake or lookalike links and airdrops. The links redirect users into hoax websites that seem like actual registration pages. When users fill in their login details revealing all their information to the scammers. That leads them to be drained by the scammers. 

Unicode letters look like regular letters. The signs and symbols are the players. For instance, ‘¡’ this inverted exclamatory sign can be used as the letter ‘i’ in a link. The symbols for the Greek letter alpha ‘α’ are used as the English letter ‘a’. These cause to make the links legitimate pages and seem like genuine websites. It is an easy way to trick users.