Twitter users were duped by cybercriminals who pretended to be crypto journalists and crypto apps to disseminate questionable links and NFT initiatives. Scammers might then identify and compromise victims’ sensitive information, such as login passwords and virtual currency.

In March, the situation began when scammers encouraged followers to open certain URLs or even download new applications, resulting in users’ crypto wallets’ security being compromised, allowing scammers to steal cash easily.

According to Bloomberg News, internet fraudsters exploit hacked Twitter accounts to advertise questionable cryptocurrency systems that allow them to gather private data from victims.

According to Satnam Narang, a staff researcher engineer at cybersecurity firm Tenable Inc, the fraudsters’ pages, whether applications or phishing links, are meant to seem like authentic, reputable websites. They purported to be members of the popular Bored Ape Yacht Club and the Okay Bears NFT group, which has over 150,000 Twitter followers.

Another instance occurred when the attackers were able to take over the Twitter accounts of a freelance journalist who covers the gaming sector and a legal affairs writer from Australia’s The Age and instructed followers to click a shady link to collect some Ether coin.

Although fraud creates tremendous damage, this is only one example of attackers using the buzz around prominent projects to make money with cryptocurrencies.

According to the FBI Internet Crime Complaint Center, more than $1.6 billion in cryptocurrency-related fraud was recorded in 2018, a significant rise from the $246 million incidents reported in 2021.

This follows the recent tale of actor and producer Seth Green, who accidentally clicked a malicious link, allowing hackers to access his wallet and steal his four NFTs.

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