Over 100,000 Twitter Lists Created to Scam Crypto Users - $872,000 lost

Hey everyone,

Today, I wanted to shed some light on a concerning trend that's been gaining traction on Twitter, and it's something we all need to be aware of.

Researchers from the University of San Diego recently published a study that delved into the world of Twitter lists. Their findings? A staggering 95,000+ Twitter lists have been created with the sole intent of scamming unsuspecting crypto enthusiasts. These lists promise free cryptocurrency distributions, but in reality, they're riddled with malicious links that can compromise personal data.

Distribution of Scam Lists by Cryptocurrencies. Li, K., Lee, D., & Guan, S. (2023). Understanding the Cryptocurrency Free Giveaway Scam Disseminated on Twitter Lists.

It's not just Twitter. The study also highlighted a worrying trend on YouTube, where 10,442 videos were identified promoting fake arbitrage bots. This just goes to show the lengths scammers will go to in order to deceive and exploit.

One particular scam stood out. This Ethereum and Bitcoin giveaway scam managed to extract more than 130.85 ETH from just 4 victims. That's a staggering loss of between $240,900. The scam page was professionally designed, even flaunting a "verified budget" from the Ethereum Founder, Vitalik Buterin.

The Scam. Source: Li, K., Lee, D., & Guan, S. (2023). Understanding the Cryptocurrency Free Giveaway Scam Disseminated on Twitter Lists.

The numbers speak for themselves. At least 365 individuals have reported losses due to these scams, with the total damage amounting to $872,000 across various crypto networks (Bitcoin, Ethereum, BNB Chain, Cardano and Ripple). It's a stark reminder of the risks that lurk in the shadows.

What Now? The most alarming part? 43% of these deceptive Twitter lists are still active. We need to be vigilant my friends.

P.S. Always double-check sources and be wary of suspicious links.