Hacked X Accounts Power Massive Crypto Scam, Blockchain Sleuth Warns

As of today, the market cap of cryptocurrencies stood at $2.10 trillion. Chart: TradingView.comThe Mechanics Of Crypto Frauds

These scams use social engineering to push victims into rash actions. Scammers impersonate celebrities or organizations to create urgency and authenticity.

They may guarantee high returns on investments or offer exclusive access to limited-time opportunities. For instance, victims might be encouraged to invest in a new cryptocurrency with promises of quick profits, only to find themselves unable to withdraw their funds later.

They often get trapped into this by seemingly harmless social networking interactions. But the most common case has been where hackers hijack friends accounts and write to contacts asking them to invest through that account. This technique exploits trust and familiarity, making it easier for scammers to convince individuals to part with their money.

Update: So far it seems like the scammers likely lost money purchasing this method as the top traders have barely made ~$1K and market cap is $67K.

While few details are available I would expect these accounts all gave permissions to the same site/app.

Safety Measures And Public Knowledge

The more these scams continue to thrive, the more important it is to heighten community awareness, too. Experts such as ZachXBT advise that regular reviews of account permissions and disconnection of unused apps would help prevent risks encountered by people due to account breaches.

Moreover, educating users regarding the common red flags of scams, including at least those relating to the poorly written communication and promises of guaranteed returns, empowers users to make decisions effectively.

Recent hacks have proved that scammers can hardly succeed through high-profile breaches, but many people still risk large losses. Users may better defend against cryptos ever-changing risks by remaining aware and cautious.