ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

Crypto Scammers are Using a key Twitter Feature to Scam Users; Here's how to Spot Red Flags

The exploitation raises concerns about user security, emphasizing the need for vigilance amid the growing sophistication of online scams.
PUBLISHED DEC 28, 2023
The bitcoin website | Getty Images | Photo by Sean Gallup
The bitcoin website | Getty Images | Photo by Sean Gallup
A visual representation of the digital Cryptocurrency, Bitcoin | Getty Images | Photo by Chesnot
A visual representation of the digital Cryptocurrency, Bitcoin | Getty Images | Photo by Chesnot

Tactics being used by cybercriminals keep evolving at a pace faster than the cybersecurity mechanism and experts are able to keep up with. Now, in a development that has caused concern globally, crypto scammers are manipulating a key Twitter feature to orchestrate scams, phony giveaways, and fraudulent activities, using well-known account names. The exploitation centers around a redirect mechanism inherent to Twitter's structure, as explained by BleepingComputer.

Twitter utilizes a URL structure composed of the account name and a status ID, disregarding the validity of the account name. This opens the door for scammers to manipulate URLs, redirecting users to posts associated with high-profile accounts. Despite previous warnings about its potential misuse, the feature is now being exploited for crypto scams.

Security researchers have observed scammers mimicking reputable crypto-related accounts like Binance, Ethereum Foundation, zkSync, and Chainlink. The deceptive URLs appear authentic, leading users to believe they are accessing legitimate tweets from these organizations.

Scammers are redirecting users to unrelated accounts that promote fraudulent crypto giveaways, websites employing wallet-draining tactics, and Discord channels advocating pump-and-dump schemes. The redirection tactic adds a layer of sophistication to these scams, making it challenging for users to tell the difference between legitimate and malicious content.

Twitter logo | Getty Images | Photo by Chesnot
Twitter logo | Getty Images | Photo by Chesnot

Most scam accounts employ a naming convention with a combination of a name and five digits for example @amanda_car16095. This format aims to deceive users and create an illusion of legitimacy around the handle. The tactic capitalizes on the fact that many users may not scrutinize the account details closely.

While some users can utilize the Quality Filter to mitigate exposure to scam tweets, it comes with the drawback of potential filtering errors. Identifying scam tweets may be straightforward for most users but some could slip through especially when scammers create accounts closely resembling legitimate entities. Mobile users face added challenges due to the absence of an address bar in the app interface. Scam tweets may appear more credible on mobile devices, potentially leading users to believe that reputable organizations are endorsing fraudulent content. Vigilance, especially when clicking on links, becomes a crucial tactic for Netizens to steer clear of a scam.

Despite the exploitation, Twitter's redirect feature remains unchanged, posing a continued threat to users. As the platform maintains this standard feature, users are urged to scrutinize the URL and ensure they are directed to the intended tweet, staying vigilant against potential redirection.

The prevalence of crypto scams on Twitter sheds light on a need for users to exercise caution when engaging with crypto-related content. As scammers employ increasingly sophisticated tactics, the onus is on individuals to verify the authenticity of posts and URLs to protect themselves from falling victim to fraudulent schemes. Twitter users are advised to stay informed about such threats and adopt best practices to navigate the evolving landscape of online scams.

MORE ON MARKET REALIST
Fans took to Reddit to discuss the issue with Seacrest not reminding the players of one crucial element.
6 hours ago
When Rick Harrison's side kick bought King Booker's boots, he had to make sure it was the real deal.
8 hours ago
Turns out the Hollywood star is quite the fan of former U.S. President, Ronald Reagan.
10 hours ago
Harrison bagged one of Jabbar's personal items and a chance to go to a Lakers game with him
1 day ago
Recently, the Bonus Round of the show has featured many old phrases that led to heartbreaking losses.
1 day ago
Lubetzky was the first to drop out but then came back as he was impressed by the entrepreneur.
2 days ago
The appraiser took the guest's breath away as she was expecting to get much less for it.
2 days ago
The show got close to hitting the record of the longest Bonus Round losing streak.
2 days ago
She continued to be hyperactive throughout the game even with her answers.
2 days ago
With four offers on the table, the founders of Bucket Golf smartly got a deal that they wanted.
2 days ago
Fans took to Reddit to discuss if the show has gotten a little too social for its style.
3 days ago
When the Holy Grail toy came up to Harrison's table, he wasn't willing to let it go.
3 days ago
The founder of 'Noshi Food Paint' was down to the last shark for a deal.
4 days ago
Ashia who won $25,000 executed an epic celebration after her win in the "To The Penny" game.
4 days ago
Harrison was offering more than he usually does but the seller was also adamant.
4 days ago
It turned out that the gift came from one of the greatest American sculptors in history.
4 days ago
The guest who got the collection at an auction was shocked to find out its true value.
5 days ago
The guest who paid $15 for the storage cabinet was pleasantly surprised in the end.
6 days ago
The men of Shark Tank looked as dashing as ever in their red wigs from 'How to be a Redhead'.
6 days ago
It was a dream come true for many in the Pawn Shop to see the great WWE wrestler.
6 days ago