Amid the cryptocurrency boom, a dark cloud looms over the crypto community as scammers recently targeted and compromised multiple Twitter accounts associated with prominent figures in the industry. With the surge in popularity and value of digital currencies, scammers have seized the opportunity to exploit unsuspecting followers, resulting in significant financial losses.
ZachXBT, the prominent on-chain sleuth on Twitter, revealed the comprising security of 8+ accounts:
Over the past few weeks we have seen 8+ account takeovers connected to the same group of scammers as evident by how their addresses are linked on-chain.
— ZachXBT (@zachxbt) June 8, 2023
I hope @TwitterSafety investigates each attack closely as they have resulted in almost seven figures stolen. @miramurati… pic.twitter.com/ypnqyb5oNy
Scammers have been gaining control of Twitter accounts and quickly launching phishing scams to trick followers into giving away their sensitive information. Disturbingly, the response from Twitter Support has been distressingly slow, allowing these fraudulent posts to remain active for prolonged periods, intensifying the potential damage caused.
Scammers primarily employ a technique known as SIM swapping to facilitate their nefarious activities. By convincing phone carriers to transfer victims’ phone numbers to SIM cards under their control, the scammers could bypass two-factor authentication (2FA) measures. However, it is suspected that alternative methods, such as utilizing hacking tools, have also been employed to compromise certain accounts.
The common thread connecting the stolen assets’ on-chain addresses strongly indicated that these account takeovers are not isolated incidents but rather the work of a group of scammers. Consequently, the crypto community and general Twitter users are urged to exercise heightened vigilance and adopt measures to safeguard their accounts.
To safeguard Twitter accounts from potential attacks, experts recommend refraining from utilizing SMS 2FA. According to reports, despite providing an additional layer of security, the system remains vulnerable to SIM swapping. In a bid to enhance security measures, experts recommend the use of a physical security key for two-factor authentication (2FA). This method offers a more robust defense mechanism, making it considerably more difficult for hackers to gain unauthorized access.
As the crypto world moves forward, individuals and platform providers are responsible for ensuring a secure and trustworthy environment, safeguarding the interests of all participants in this transformative industry.
