Scammers leverage social media ads to promote cryptocurrency scams

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Beware of all the Twitter ads that are spreading all those scam promotions about fake cryptocurrencies. To promote their services and content, scammers can ‘promote’ a previously existing tweet by having it shown to other followers or users on Twitter.

If you are receiving messages from Tesla, Elon musk, Gemini exchange, Chamath Palihapitiya, Social Capital, or other well-known firms or individuals for cryptocurrency giveaways, then run as far as you can from these types of posts because surely the accounts are being hacked and you are soon going to get scammed.

We recently reported that how bad actors and scammers are looting thousands of dollars by promoting Bitcoin, Ethereum, and Doge crypto giveaways.

The security researchers such as ZseanoJake, and MalwareHunterTeam have detected a new technique that is being utilized by crypto scammers i.e. via Twitter-promoted tweets. The technique includes the breakup of URLs in a way that Twitter‘s advertisement fraud detection algorithms cannot identify them. This then leads you to fake landing pages that impersonate as the social capital; Tesla or Gemini exchange etc. and they lead the users to more actual scam sites which are themed as Tesla or Elon musk and have an address that holds a Bitcoin, Ethereum, or Dogecoin. Additionally, the users are said to send coins to the address and in exchange, they will get double the amount.

According to Bleeping Computer, till now a whopping $39K has been generated by the Bitcoin and Ethereum scams.

Just because a crypto app is in the app store doesn’t guarantee that it is safe. Recently an application by the name of Trezor was uploaded on the Apple store that was later found out that be a scam and the app was used for stealing the passwords and private keys through phishing.

So, readers need to take extra precautions when taking part in online giveaways, as most of them are this day are not much trustworthy.

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