Crypto Scam Bots Back in Full Force: Signs of a Bull Run? 10

Crypto Scam Bots Back in Full Force: Signs of a Bull Run?

New Crypto Scams

If you’ve pursued Crypto Twitter recently, you have probably noticed an interesting trend: bots trying to scam cryptocurrency from consumer investors are back in full force. Under almost any tweet from anyone that could be deemed even remotely “crypto-famous”, you will find an array of clearly spam comments from random accounts. While all the accounts have different names, they all use a certain format of posting to try and swindle investors of their Bitcoin, Ethereum, and other digital assets. Here how it works.

Well, these accounts, which are clearly bots because of their lack of posts and odd handles, post an image of a tweet from “Binance”, which mentions a non-official website (something like, binancedrop, etc.) that is currently hosting a “giveaway” for a certain event, and a tweet claiming that they got some cryptocurrency from the site. Most recently, these scammers used Binance’s second birthday and the release of the 2.0 iteration of its platform to try and get users’ funds. And to further the legitimacy of the tweet, the scammers would photoshop in fake comments from notable cryptocurrency enthusiasts and investors, such as Anthony Pompliano.

While this writer and others don’t want to visit the sites mentioned for obvious reasons, it is presumed that victims that fall for the trick will be prompted to deposit some of their digital assets to “claim” a portion of the giveaway.

It is currently unclear if this strategy is working, as the crypto-public is likely much more educated than they were in 2017. But, these tweets have begun to appear everywhere, making it likely that the bad actors behind these tweets are at least managing to trick some individuals.

This strategy actually isn’t too much different than the one enlisted by the scammers of 2017 and 2018. Back then, there were countless accounts impersonating individuals like Elon Musk, Vitalik Buterin, and so on and so forth. Then, they asked the to-be victims to send cryptocurrency to an account to claim a reward. The reason why this strategy isn’t working is that Twitter cracked down on these bots, especially after the Tesla chief executive started joking with the bots no Twitter, bringing the issue of rampant on-platform scamming to the mainstream.

Cryptocurrency Ponzi Schemes Are a Thing… Again

This comes as crypto Ponzi schemes have erupted into the mainstream again. Per previous reports from Ethereum World News, a project piggybacking off Tron’s success is reported to have stolen over $30 million from local investors. Known as “Wave Field Super Community”, the firm claimed to be a Super Representative, meaning a leading node, of the Tron blockchain, and thus managed to convince investors it would offer great returns on their capital.

Despite the horrid nature of scams, this may be a sign that Bitcoin is back in a bull run. You see, scammers have only begun their renewed push to get cryptocurrency in response to the growth of the industry.

Photo by Noah Silliman on Unsplash