March 26, 2023

Online scammers are now impersonating renowned NFT projects with hacked Twitter accounts.

Cybercriminals are horse-riding Twitter accounts to steal cryptocurrencies and non-fungible tokens. New research by Satnam Narang from Tenable shows fraudsters capitalizing on NFT and crypto enthusiasm to lure the victim.

Scammers are hijacking unverified and verified Twitter accounts to mimic recognized non-fungible token projects, including, OkayBears, MoonBirds, Bored Ape Yacht Club, and Azukis, to steal crypto assets after leading users to phishing websites.

Narang stated that the success of the blue-chip non-fungible tokens attracted wide adoption as they promoted the latest metaverse integrations. That gives cybercriminals the chance to take advantage of rumored or new announcements about these projects.

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Leveraging Twitter Mentions

The research shows that scams appear in different ways. For instance, scammers take advantage of Twitter mentions attracting attention. Crypto fraudsters tag Twitter users in multiple tweets, luring them towards phishing websites. Meanwhile, these sites appear indistinguishable from legit NFT platforms.

That makes it challenging for average crypto fans to identify legitimate sites. The attacker convinces victims to connect crypto-wallets instead of passwords and usernames. Scammers then transfer digital coins such as Solana, Ethereum, or NFTs held in the wallets.

Also, there’s a surge in free NFTs and airdrops driving crypto scams. Airdrops are promotional activities designed to boost cryptocurrency projects. For instance, BAYC introduced an ApeCoin airdrop to holders with NFTs like Mutant Ape Yacht Club, Bored Ape Kennel Club, and BAYC.

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Scammers perceived that as an opportunity and targeted the upcoming airdrop by establishing campaigns by attacking verified Twitter accounts to lure enthusiasts into phishing sites.

Generally, fraudsters position themselves as good Samaritans, citing potential scam threats to justify their close or clean replies to comments on their Twitter posts. Moreover, restricting who to react to their posts prevents individuals from alerting others about the potential attack.

Users should act with care whenever tagged in Twitter posts, even those from verified accounts. The best thing is to visit the project’s official website to confirm shared links. Moreover, fraudsters rely on the urgency to pressure users. Beware of fake crypto giveaways.

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