Cybersecurity analyst reveals 8 crypto scam on Twitter right now

Cybersecurity analyst Serpent announced on Twitter his picks for the most funky crypto and (NFT) scam currently active.

With 253,400 followers on Twitter, the analyst is the founder of Sentinel, an artificial intelligence and community powered crypto threat mitigation system.

 Serpent explained how scammers target inexperienced crypto users using fake websites, URLs, accounts, hacked verified accounts, fake projects, fake airdrops and lots of malware.

Serpent explains that the “Crypto Recovery Scam” is used by bad actors to fool people who have recently lost money in a widespread hack:

“Simply put, they attempt to target people who have already been scammed, and claim they can recover the funds.”

According to Serpent, these scammers claim to be blockchain developers and charge a fee to call users and deploy a smart contract that can get their stolen funds back.


Another strategy takes advantage of recent exploits. According to the analyst, the “Fake Revoke.Cash Scam” tricks users into visiting a phishing website by warning that their crypto assets may be at risk by using an “emergency” to click the malicious link.

RELATED : Ronin Hackers Move Stolen $625M to Bitcoin Network: Report

Another strategy uses “Unicode Letters” to make a phishing URL look almost like the original, but replace one of the letters with a Unicode-like URL, while another strategy is for scammers to hack a verified Twitter account, then rename it and impersonate it.

The remaining scams are aimed at users looking to enter a “get-rich-quick” scheme. This includes the “Uniswap Front Worker Scam”, which are often seen as spambot messages telling users to watch a video about “making $1400 a day in front-running Uniswap” and send their money to a scammer’s wallet instead.

Another strategy is known as the “Honeypot Account” – where a “private key” is leaked to users to gain access to a loaded wallet, but they are sent immediately when they try to send crypto to the crooks’ wallet via a bot to fund a coin.

Other tactics include asking high-value NFT collectors to “beta-test” a new Play-to-play (P2E) game or project, or giving fake works to NFT artists.

Last week, a report from Chainalysis stated that revenue from crypto scams has dropped 65% so far in 2022, due to falling asset prices and inexperienced crypto users leaving the market. Total year-to-date crypto scam revenue has dropped to $1.6 billion, down from roughly $4.6 billion a year ago.

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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