The rise of cryptocurrency scams on social media! What are the most common methods?

The US Federal Bureau of Investigation (FBI) has issued a warning against scammers who hijack the social media accounts of individuals or teams and pose as legitimate individuals in the realm of non-fungible tokens (NFTs) and cryptocurrencies.

The intelligence agency also raised concerns about fake websites that trick victims into stealing their funds.

This warning is issued while the number of victims who lose their capital through these two types of fraud methods is increasing.

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In the first method, criminals either gain direct access to developer accounts of NFTs or a cryptocurrency, or create nearly identical accounts to promote new versions of NFTs.

Fake posts often create a sense of urgency by using phrases like “limited supply” and use the title “surprise” to advertise. According to the FBI, the links provided in these notifications are phishing links that direct victims to a fake website.

Generally, scam websites ask people to connect their wallets to receive or buy NFTs, but instead they connect to a draining smart contract and lose their funds.

However, sometimes people can lose money even when they don’t connect their wallet to a suspicious website. For example, a user said that he mistakenly clicked on a fake NFT website and even though he did not connect his hot wallet to the website, he still had more than $300,000 of NFT stolen.

Some argue that this method uses malware that allows it to take control of the victim’s computer, while others say that the scam website may have a hidden wallet signature link somewhere that was accidentally clicked.