According to blockchain security firm SlowMist, social media platform X has been plagued by misleading comments related to crypto phishing.
In a new analysis, SlowMist notes that phishing scams represent around 80% of replies to tweets from famous crypto projects.
According to the security company, the scammers use a high degree of automation.
“Scammers can buy now [X] accounts. We have seen numerous groups on Telegram involved in selling [X] accounts. These accounts vary in number of followers, number of posts and registration dates, allowing buyers to choose based on their needs. When looking at the group’s history, we found that most of the accounts sold are related to the cryptocurrency industry or are influencer accounts.”
SlowMist notes that there are also dedicated websites for purchasing X accounts. These sites often sell accounts with usernames that resemble legitimate profiles.
The phishing groups also use promotional tools to buy followers and interactions to appear more legitimate. They then use automated bots to track the activity of known projects, and the bots will automatically comment first when the followed projects tweet.
“Since the message being viewed is from the legitimate project and the disguised phishing account is very similar to the project’s account, this could make users less wary. This leads to clicking on phishing links, such as those offering airdrops from the fake account, and then authorizing or signing malicious transactions that could lead to losses.”
SlowMist encourages X users to use anti-phishing plugins that provide warnings about fake domain names. The company also suggests that crypto investors enable wallet signature verification.
However, SlowMist notes that personal safety awareness is the most important defense.
“All products, articles and alerts are just tools. Building your own safety awareness is crucial. Always double-check before clicking, authorizing or signing any links to avoid losing coins or being misled.”
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Generated image: Midjourney