Scammers exploit a feature of Twitter posts, deceiving users and putting digital assets at risk. This deceptive tactic relies on Twitter’s URL structure, enabling hackers to entice individuals into various scams. Primarily, these campaigns are employed to promote various cryptocurrency scams.
VULNERABILITY IN TWITTER IN-POST LINKS
The exploit entails manipulating the account name in a tweet’s URL to impersonate high-profile accounts, enticing users into accessing fraudulent content. This method has witnessed a surge in usage in recent weeks, with scammers specifically targeting well-known crypto-related Twitter accounts boasting substantial followings, including Binance (11 million followers), the Ethereum Foundation (3 million), zkSync (1.3 million), and Chainlink (1 million).
Clicking on these altered URLs redirects users to posts that promote crypto scams instead of the anticipated legitimate content. These scams encompass fraudulent crypto giveaways and deceptive websites crafted to empty cryptocurrency wallets.
The fraudulent tweets frequently present themselves as authentic, especially on mobile devices where the Twitter app lacks an address bar, concealing the URL discrepancy. This limited visibility poses a challenge for users in verifying the authenticity of the tweet, particularly when scammers craft accounts with names resembling those of legitimate organizations.
WHAT ARE CRYPTOCURRENCY SCAMS?
Cryptocurrency scams encompass deceptive schemes involving digital currencies such as Bitcoin or Ether. These scams take advantage of the intricate and novel nature of cryptocurrencies to mislead users. Tactics employed include fraudulent giveaways, impersonation of legitimate accounts, and the promotion of fictitious investment opportunities promising unrealistic returns.
Fraudsters frequently employ social media, phishing emails, and counterfeit websites to entice victims. They make promises of high returns, leverage celebrity endorsements, or present exclusive investment opportunities, all with the intention of unlawfully obtaining funds or personal information.
TWITTER CRYPTOSCAMS – HOW TO PROTECT?
To counter these scams, users should activate Twitter’s Quality Filter, although it may unintentionally filter genuine content. Additionally, scrutinizing the URL and account name is crucial to determining the authenticity of a tweet.
To steer clear of falling prey to crypto scams, adhere to these guidelines:
- Verify the URL and domain name of any website you visit. Fake websites frequently imitate legitimate ones but may feature slight variations in the URL. You can assess the site’s credibility by scanning it with the GridinSoft Web Scanner.
- Exercise caution with unsolicited offers and promises that seem too good to be true, particularly on social media. Scammers often employ high-pressure tactics, creating a false sense of urgency and making unrealistic profit claims.