The Twitter Crypto Scam: What Happened and How Can You Protect Yourself?

Introduction

Crypto is a booming industry, with new projects and tokens popping up daily. However, where there is money, there are also scams. Recently, a large-scale crypto scam rocked the Twitterverse, leaving many victims in its wake. In this article, we will take a closer look at what happened and how you can protect yourself from falling victim to similar scams in the future.

The Large-scale Twitter Hack

The hack involved the Twitter accounts of several prominent figures, including DJ Steve Aoki, Peter Schiff, and the founder of the Pudgy Penguins NFT collection. The hackers used these accounts to lure innocent crypto enthusiasts into a trap with enticing links to websites where they could claim free crypto.

The Twitter scam was exposed by crypto researcher ZachXBT. In total, the scammers made off with approximately $1 million. Once the hackers gained control of the accounts, they sent out the scam tweets. Unfortunately, Twitter’s slow response time meant that the tweets remained visible for hours, making it easier for scammers to ensnare unsuspecting users.

The SIM Swap Attack

Access to the Twitter accounts was obtained through a SIM swap attack. This type of attack involves hackers obtaining a SIM card with an identical telephone number to the corresponding Twitter account. When a Twitter account only has SMS verification, the hacker can easily access the account in this way.

Crypto researcher ZachXBT calls on prominent Twitter accounts not to use SMS verification. He points out that slow response times from the Twitter support team meant that some of the scam tweets remained online for hours to days, giving the scammers ample time to execute their plan.

Protecting Yourself From Crypto Scams

While $1 million is not a huge amount in the world of crypto, some victims lost everything they had. Unfortunately, scammers keep coming up with new and cunning ways to scam people. Therefore, it is essential to remain vigilant and protect yourself.

Always remember the rule of thumb: if something sounds too good to be true, then it probably isn’t true. Especially when it comes to free tokens or links that you have to click on. Never give out your sensitive information such as private keys or seed phrases. Additionally, if a link is asking for a transaction or asking you to download something, beware! Only ever interact with legitimate projects and avoid unknown and untested platforms.

In Conclusion

The Twitter crypto scam was a harsh reminder that the crypto industry is still a Wild West. It is essential to remain vigilant, use common sense and, if in doubt, check with reputable sources. With the right prevention measures and a healthy dose of scepticism, we can protect ourselves and our assets from scams like this one.