Meta’s new Threads platform already inundated with crypto scams

Threads is only in its infancy, but is already rife with fraudulent accounts

Ever since the arrival of Threads, the new blogging platform and Twitter rival by Meta, scammers have evidently sprung into action without delay. This has prompted numerous prominent figures within the cryptocurrency Twitter community to caution against scam accounts and discussions.

On July 5, Threads made its grand debut and witnessed an astounding surge in subscriptions, soaring beyond the 98 million mark by the very next day. Yet, despite this remarkable achievement, it’s still a considerable distance away from reaching the 450 million users on Twitter.

Over the last couple of days, numerous individuals active on crypto Twitter have exposed a multitude of phony accounts and threads imitating either other people or even pretending to be themselves. Wombex Finance, a non-profit financial platform, took to Twitter on July 8 to share a snapshot of a Threads account, claiming that it might be a fraudulent scheme since the service is not listed on their platform.

Just a day prior, Leonidas, the non-fungible token (NFT) developer, took to Twitter to convey a cautionary message to his following of 93,000 users. In his tweet, he specifically mentioned that he, along with other prominent large NFT accounts, were actively combating deceitful individuals on Threads. Leonidas further revealed that he had even established an account on Threads solely with the purpose of thwarting hackers.

On July 6, Jeffrey Huang, popularly known as Machi Big Brother on Twitter, shared a link to his Threads profile in a tweet. This prompted a user to point out that there already existed a Threads account featuring Jeffrey’s Twitter profile. Interestingly, the mentioned Threads accounts have displayed a commendable restraint by avoiding sharing scam or phishing links. Furthermore, they have abstained from circulating numerous submissions related to cryptocurrency.

Crypto-phishing scammers have long exploited the widespread use of Twitter to carry out their fraudulent activities. Their favored modus operandi involves compromising the accounts of famous individuals and businesses to propagate harmful links. Typically, these links employ deceptive tactics aimed at duping unsuspecting users into divulging their crypto exchange IDs, crypto wallet passwords, or even connecting their wallets to malicious smart contracts that drain their digital currency.

According to findings by Web3 Beosin, a security firm, crypto thefts in the initial six months of the year resulted in losses amounting to $108 million.

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