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CRYPTO SCAMMERS ARE USING HIJACKED ACCOUNTS ON TWITTER INC. TO PROMOTE ILLEGAL CRYPTO INVESTMENTS

CRYPTO SCAMMERS ARE USING HIJACKED ACCOUNTS ON TWITTER INC. TO PROMOTE ILLEGAL CRYPTO INVESTMENTS

Since March, fraudsters have pretended to be journalists, crypto applications and various nonfungible token (NFT) projects on Twitter to steal usernames, usernames and password information, according to a study by Satnam Narang, a cybersecurity staff research engineer . Firm Tenable Inc. Many targeted accounts are verified, which indicates to investigators that fraudsters are breaking certain pages, paying for illegal access, or both.


As part of the alleged scam, thieves have pretended to be members of the Bored Ape Yacht Club, a popular NFTs group, as well as an Azuki group, a MoonBirds project and the Okay Bears NFT community, with over 150,000 Twitter followers, Narang has been found.


In one case, fraudsters pretended to be a legal news reporter from Age, an Australian news service, asking users to visit a suspicious link to claim a small amount of Ethereum virtual currency, according to the study. Interpreters also appear to have temporarily taken over the Twitter page of an independent journalist who integrates the gaming industry and creates profiles that appear to be real, according to the results.


Fake Twitter accounts often encourage fans to visit certain links, or download new apps, Narang said. Those apps often entice users to give access to their cryptocurrency wallets, where attackers can withdraw money quickly. Each fraudulent page, whether a malware or malware link, is carefully designed to look like legitimate, trustworthy websites, depending on the findings.


This strategy represents an improvement over the traditional fraud strategy of many users of social media, or impersonation, such as Tesla Inc. Chief Executive Elon Musk, an outdated strategy that is easy to come by, said Narang in an interview. The use of verified Twitter accounts adds a layer of legitimacy, and the opportunity to exploit the opportunity to make money with cryptocurrency adds urgency to the system, Narang said.


"They look different from real sites, and people don't look closely at the links," he said.


While a Bloomberg News reporter was reviewing an application intended for Azuki, an NFT project with a animated theme with over 300,000 followers, was labeled as a non-computer program.


In May, fraudsters used the fake Twitter page @OlthersideMeta, which tricked users into believing it was @An OthersideMeta, an official site that combines video and metaverse games, according to a survey.


Losses obtained from scams are difficult to quantify, yet the work is a recent example of cryptocurrency hackers - and the excitement surrounding popular projects - to make money. Americans have reported more than $ 1.6 billion in cryptocurrency-related fraud by 2021, a significant increase from $ 246 million last year, according to a report by the FBI's cybercrime center. The actual number is likely to be very high, as many potential investors are flocking to speculative systems and not reporting fraudulent incidents, Narang said.


"Scammers are very good at getting into what people like," he added. "This is a small sample of what is happening in the area."

Source: yahoo




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