Twitter users were duped by cybercriminals who pretended to be cryptocurrency reporters and cryptocurrency apps to disseminate questionable links and NFT initiatives. Fraudsters might then identify and steal victims’ sensitive information, such as passwords and virtual currency.

The situation began in March when fraudsters encouraged followers to open certain URLs or even download new applications, resulting in users’ crypto wallets’ security being compromised, allowing scammers to steal funds easily.

As per Bloomberg News, internet fraudsters exploit hacked Twitter accounts to advertise questionable cryptocurrency systems that enable them to gather private data from victims.

According to Satnam Narang, a staff researcher engineer at cybersecurity company Tenable Inc, the scammers’ pages, whether applications or phishing links are meant to seem like authentic, reputable websites. They purported to be members of the popular Bored Ape Yacht Club and the Okay Bears NFT group, which has over 150,000 Twitter followers.

Understanding Crypto Scams and How to Outsmart Them | Time

Another instance occurred when the attackers were able to take over the Twitter accounts of a freelance journalist who covers the gaming sector and a legal affairs writer from Australia’s The Age and instructed followers to click a shady link to collect some Ether currency.

Although fraud creates tremendous harm, this is only one example of attackers using the buzz around prominent projects to make money with cryptocurrencies.

As per the FBI Internet Crime Complaint Center, over $1.6 billion in cryptocurrency-related scams was recorded in 2018, a significant rise from the $246 million in incidents reported in 2021.

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