Cybersecurity analyst Serpent has unveiled his for the cryptocurrency and non-fungible token (NFT) scams currently active on Twitter, as stated by Cointelegraph. The analyst, with a followers’ base of 234,000 on Twitter, is the founder of artificial intelligence and community-enabled cryptocurrency threat mitigation system Sentinel.
According to Cointelegraph, in a 19-part thread uploaded, Serpent emphasised how scammers aim inexperienced cryptocurrency users through the usage of copycat websites, uniform resource locators (URLs), accounts, hacked verified accounts, fake projects, fake airdrops, and malware presence. Amidst a recent period of cryptocurrency phishing scams and protocol hacks, Serpent explained that the cryptocurrency receovery scam is made use of by bad actors to lure those who recently lost funds to a widespread attack. “They attempt to target people who have already been scammed, and claim they can recover the funds,” he added.
On the basis of information by Cointelegraph, Serpent stated about how scammers claim to be blockchain developers and find users who have been at the receiving end of a recent large-scale hack or exploit, and ask them for a fee to deploy a smart contract to recover stolen funds. This happened during the multimillion-dollar exploit of Solana wallets with Heidi Chakos, the host of YouTube channel CryptoTips, giving warnings to the community around scammers offering a solution to hacks. According to “Fake Revoke.Cash Scam,” an analyst, users are tricked into exploring a phishing website through fake warnings of their cryptocurrency assets being at risk. Users are then asked to click on a malicious link.
Moreover, Cointelegraph noted that scammers use “Unicode Letters” to disguise a phishing uniform resource locator (URL) like an actual one through replacement of a letter with a Unicode lookalike, while another method used is scammers hacking a verified Twitter account which is then renamed to impersonate someone of influence. A strategy called “Honeypot Account” is where users are given a private key to gain access to a loaded wallet, which then directs them to a scammers’ wallet through bots. Other methods involve high-value NFT collectors to beta test a new play-to-earn (P2E) game or commissioning of fake work to NFT artists.
(With insights from Cointelegraph)
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