According to blockchain analysts, cyber fraud continues to be ramped up by criminals, with the number of impersonated accounts increasing to over 300 per day. Crypto Scam on X is on the rise again, with major accounts being hijacked to promote fake tokens. Victims have already lost millions, and experts are warning users to be vigilant.
Analysts at blockchain firm Scam Sniffer warned in a Dec. 10 post on X that since this week, the daily number of accounts impersonating another person has increased by 87%, jumping to over 300 compared to an average of 160 in November. The surge increases the risk to users as scammers continue to use high-profile accounts to promote fraudulent schemes.
Analysts note that in one recent case alone, two victims lost over $3 million worth of cryptocurrency by interacting with malicious links and signing transactions associated with fake accounts. As crypto.news previously reported, the scams are particularly prevalent on SolanaSolana
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Solana, where compromised accounts, including those of major organizations like Yahoo News UK, Lenovo India, and Money Control, were used to promote a fraudulent meme coin called HACKED. Blockchain detective ZachXBT, who tracks these scams, recently issued a warning to the crypto community, advising users to be extra cautious. “So far, it appears that the scammers may have lost money, as the market cap of the HACKED token is a modest $67K, and top traders barely made $1K,” ZachXBT noted.
It appears that the hacked X accounts were connected to the same malicious site or application. As a precaution, ZachXBT recommends that users revoke any permissions to access unfamiliar sites or applications. The latest incident follows a series of similar scams, including the recent use of Kylian Mbappe’s account to promote the fake MBAPPE meme coin. Earlier in September, hackers also targeted family members of US President-elect Donald Trump in a World Liberty Financial fake coin scam.
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