The cryptocurrency industry has become a popular target for cybercriminals over the years. With the rising value of Bitcoin and other similar assets, miscreants are always on the lookout for a quick cash-grab scheme. Botnets have played their role in this regard, and it seems like most “cryptocurrency giveaway Twitter accounts” are primarily fueled by such agents.

Twitter Giveaway Scams Continue

One particular trend gripping the cryptocurrency economy over the past few months comes in the form of fake Twitter accounts. They all claim that the account holder is giving away cryptocurrencies for free to users who reply to the topic in question. However, what is most alarming is that this particular trend seems It to be a part of a major multi-tiered cryptocurrency botnet scheme.

To put things into perspective, Due Security researchers have examined this phenomenon for some time now. Their findings indicate that at least 15,000 bots are participating in this particular ring that is targeting the cryptocurrency industry. 

How Do These Bots Work?

Although Twitter bots have been around for some time now, it is evident that there are many different ways of using these nefarious digital agents. For example, Spoofing legitimate cryptocurrency accounts by using one’s name and avatar has been the first order of business. Once a fake account has been established, these bots then spread fake links pertaining to cryptocurrency giveaways.

As one would expect, a lot of these fake accounts are designed to follow the same “major accounts” on Twitter. Vitalik Buterin has often been targeted in this regard, as have the developers of other popular cryptocurrency projects and exchanges.

Lastly, “bot accounts” often tend to follow random users in order to appear more legitimate. This method is often used to generate fake social media buzz about specific announcements and so forth.

Final Thoughts

It is evident Twitter has a problem, especially when it comes to fake cryptocurrency accounts. Fighting this ongoing trend will be very difficult, as it is far too easy for criminals to simply repeat this process over and over again. 

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