Serpent, the cybersecurity analyst, has jotted down a list of some of the most iniquitous crypto-scams and those related to non-fungible tokens on Twitter.
Crypto Scams Strategies
Serpent explained how scammers target inexperienced crypto users by using fake websites, URLs, accounts, hacked verified accounts, fake airdrops, projects, etc. Amongst the recent increase in crypto phishing scams and protocol hacks, there is the advent of other worrisome strategies for scamming people.
These evil scammers are now using Crypto Recovery Scam to trick those crypto users who have recently lost their funds to a widespread hack.
The cybersecurity analyst explains that these scammers target those who have already been scammed and claim they can help them recover funds. They introduce themselves as blockchain developers and look for those users who have suffered a loss due to a recent large-scale hack or fraud. They ask these users for a fee to set up a smart contract which they claim would recover their stolen funds. However, they do ‘take the said fee and run.’
This scam strategy was widespread after the multimillion-dollar exploit that affected Solana wallets. This exploit was in the news in early August this year, and Heidi Chakos, Youtuber who hosts the channel Crypto Tips, warned the users to beware of the scammers offering ways to recover their funds.
The scammers use another strategy where they leverage recent exploits. Serpent mentioned that a fake ‘Revoke.Cash’ scam deceives users by luring them into visiting a phishing website. They use a “state of urgency” to warn users that their crypto assets may be at risk and make users click the malicious link.
One of the rapidly increasing tactics is when scammers use Unicode Letters. They make the URLs look incredibly similar to a genuine one but replace any one letter with a lookalike of Unicode.
There is yet another malicious strategy: the scammers hack one of the verified accounts on Twitter and then rename it to impersonate someone who holds value or influence in the crypto world. Using this account, the scammers then shill fake mints or airdrops.
Other Crypto Scams Strategies
Several other scams target those crypto users who wish to get hold of some ‘get-rich-quick’ schemes. One such scam includes the Uniswap Front Running scam, where spam bot messages tell users to watch some video on how to “make $1400 a day front-running Uniswap”. However, it tricks users into sending their funds to the scammer’s wallet.
The Honeypot Account is another scamming strategy that claims to ‘leak a private key’ to the users. This key is supposed to give them access to a loaded wallet. However, when the users try to send crypto to fund the transfer of coins, they send these funds directly to the scammer’s wallets.
We also have scammers with tactics that ask high-value NFT collectors to “beta test” a new P2E game or project or commissions some fake work to NFT artists. But both send users malicious files that abrade browser cookies, passwords, and extension data.