Cryptocurrency Scammers Impersonate Twitter Users on Threads as Sign-ups Approach 100 Million

scam 7046018 1280.jpg
scam 7046018 1280.jpg

Just a few days after it entered into the digital space, the Threads app has recorded nearly 100 million users on its platform, including tons of crypto scams. 

This news came to the public following the recent announcement from crypto firms and figures on Twitter denying affiliations with the spurious Threads account. 

As Threads emerged to challenge Twitter in the industry, many believe it will outperform Twitter in the coming years.

Crypto Twitter Figures Deny Fake Accounts on Threads

Meta’s latest microblogging platform has seen a bulk of scammers within a few days after its launch. Threads, which just recently joined the social media space, has accrued millions of users. 

Moreover, the platform appears to have a rising number of crypto scams. Several crypto Twitter users are warning of posers on the app

Deployed on July 5, Threads is recording a staggering growth of over 98 million users, though still much lesser than Twitter’s 450 million users. But recently, many crypto Twitter entities have begun denouncing their affiliations to spurious accounts. 

For instance, a decentralized finance (DeFi) platform, Wombex Finance, took to the public on July 8, displaying the image of a Threads account posing to be it.

Attention, #WombexWarriors! 🚨

Please be aware that Wombex Finance DOES NOT have an account on the Threads platform.

Any account claiming to be Wombex Finance on that platform is fraudulent and is operated by a scammer!

To avoid scams, always refer to our official channels:…

— Wombex (@WombexFinance) July 8, 2023

The DeFi platform post read, “Any account claiming to be Wombex Finance on that platform is fraudulent and is operated by a scammer!”

 It warned that the company isn’t registered on Threads. The day before, a popular non-fungible token (NFT) influencer Leonidas also announced a similar announcement to his 93,000 followers.

 He noted that his account and other “notable NFT accounts” were being impersonated. Leonidas had to create an official Threads consequently account to combat posers. 

Another notable Crypto Twitter user also Tweeted about this. On July 6, Jeffrey Huang, whose Twitter username is Moachi Big Brother, tweeted about another user on Threads who was actively posing with his Twitter persona. 

Notably, the Threads accounts said they have avoided promoting phishing or scam links, as most post crypto-related digital content. 

Scammers on the rise in Twitter and its New Contender

Twitter has been a renowned platform used by crypto phishing hackers. Their most notable tactic involved hacking the Twitter accounts of renowned individuals and companies and publishing malicious links. 

These links are programmed to lure unknowing targets to upload their crypto exchange information, like CEX login, cryptocurrency wallet seed phrase, etc. Sometimes ask investors to connect their crypto wallets to a token-looting smart contract. 

Within 2023 first half of 2023, crypto assets worth over $108 million were stolen via these phishing activities, as per a report from Web3 security company Beosin. 

The report also showed that over $656 million worth of digital assets had been looted through crypto exploitations and rug pulls. However, only about $215 million of these looted assets have been recovered. 

The newest platform, Threads, has now attracted scammers as they’ve rushed to impersonate digital asset projects and top players.  

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