A Sharp Rise in Fake Accounts

Crypto scams on the social platform X (formerly Twitter) are gaining momentum once again. According to analysts from blockchain firm Scam Sniffer, the number of accounts impersonating others has surged by 87%, exceeding 300 daily, a significant jump from the November average of 160 accounts.

Millions Lost to Fraudulent Schemes

Scammers exploit high-profile accounts to promote fake tokens, resulting in massive financial losses. In one recent incident, two victims lost over $3 million worth of cryptocurrency after interacting with malicious links and signing transactions tied to fake accounts.

The Solana blockchain has been particularly affected, with compromised accounts, including those of major entities like Yahoo News UK, Lenovo India, and Money Control, being used to promote a fraudulent meme coin called HACKED.

Blockchain investigator ZachXBT, who actively tracks these scams, has issued a warning to the crypto community, urging heightened caution. He noted that while scammers have earned less this time (the HACKED token's market cap reached only $67,000), the potential harm to users remains significant.

ZachXBT also discovered that the compromised accounts were linked to the same malicious website or app. As a precaution, he advises users to immediately revoke access permissions to any unfamiliar websites or applications.

Scams Target High-Profile Individuals

This incident is just one of many. Recently, the account of football star Kylian Mbappé was exploited to promote a fake meme coin named MBAPPE. Similarly, in early September, hackers targeted accounts of family members of newly elected U.S. President Donald Trump in a scam involving a fake coin called World Liberty Financial.

Conclusion: Caution Is Key

Scams on the X platform pose a serious risk to the crypto community. Users should remain vigilant, regularly review account permissions, and avoid suspicious links or transactions. This trend highlights how sophisticated and dangerous social media scams have become.

#cryptoscams , #cybersecurity , #CryptoNewss , #scamalert , #HackerNews

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!

Notice:

,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“