X, previously known as Twitter, continues to be a hotspot for phishing scams, with fake accounts leading users to phishing sites and causing $47M in crypto losses.<\/p>\n\n\n\n
For more than ten years, X has attracted scammers who constantly refine their methods to deceive users. The issue lies with victims being misled by fraudulent X accounts, directing them to harmful phishing websites.<\/p>\n\n\n\n
Phishing Scams Rampant on X<\/p>\n\n\n\n
The Scam Sniffer’s February report reveals that a large number of users were tricked into scams through X by fake comments, leading to significant financial losses.<\/p>\n\n\n\n
Around 57,000 people were victims of crypto phishing scams, totaling losses of approximately $47 million. This represents a 75% reduction in the number of people losing over $1 million from the month prior.<\/p>\n\n\n\n
The Ethereum mainnet saw the largest share of these thefts, accounting for 78%, with ERC20 tokens being the main target, comprising 86% of the total stolen funds. These thefts were mainly conducted using phishing techniques like Permit, IncreaseAllowance, and Uniswap Permit2.<\/p>\n\n\n\n
The use of Safe or Account Abstraction wallets by Wallet Drainers as token approval mechanisms has made the phishing problem worse.<\/p>\n\n\n\n
These findings align with SlowMist’s research, which pointed out the role of deceptive comments on X in facilitating thefts, especially under posts from well-known projects. Around 80% of such comments were found to be from phishing scam accounts.<\/p>\n\n\n\n
Crypto Scams Through X Ads<\/p>\n\n\n\n
Despite Elon Musk’s commitment to fighting bots, the platform has seen little improvement post-takeover. Reports indicate an increase in the use of X ads by cybercriminals to spread scams like crypto drainers and fake airdrops.<\/p>\n\n\n\n
X’s revenue fell 22% in 2023 to $3.4 billion, mainly due to a sharp decline in ad revenue over two years. Despite attempts to offset these losses with subscription and data licensing revenue, the efforts have not been fruitful.<\/p>","protected":false},"excerpt":{"rendered":"
X, previously known as Twitter, continues to be a hotspot for phishing scams, with fake accounts leading users to phishing sites and causing $47M in crypto losses.<\/p>","protected":false},"author":1,"featured_media":4650,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[44,32,67,68],"class_list":["post-4649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blockchain","tag-crypto","tag-twitter","tag-x"],"_links":{"self":[{"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/posts\/4649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/comments?post=4649"}],"version-history":[{"count":1,"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/posts\/4649\/revisions"}],"predecessor-version":[{"id":4651,"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/posts\/4649\/revisions\/4651"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/media\/4650"}],"wp:attachment":[{"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/media?parent=4649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/categories?post=4649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stoneblock.hr\/hr\/wp-json\/wp\/v2\/tags?post=4649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}