In a bold-faced affront to cyber-security, notorious online fraudsters have recently exploited the Twitter account of the renowned disc jockey, Steve Aoki, to orchestrate a sophisticated phishing scheme. Leveraging the escalating interest in the emerging cryptocurrency, PYSOP, the scammers plundered an estimated $170,000.
The Steve Aoki Twitter Heist and the Role of PSYOP
Cryptocurrency investigator ZachXBT disclosed on a recent Friday that the deceitful plot entailed convincing unsuspecting individuals to engage with a malevolent link, purporting to offer PYSOP tokens. The facade was convincing, for it was touted that Aoki himself was an investor in this burgeoning digital currency.
Unwittingly, PSYOP’s founder, known under the pseudonym Ben.eth, propagated the illicit link, directly causing a significant monetary loss for investors, approximated at $170,000, as highlighted by ZachXBT.
An Unabating Crypto-phishing Epidemic
Follow CryptoMode on Twitter, Youtube and TikTok for news updates! The underhanded tactics employed by these scammers were designed to extract personal information, marking another episode in the relentless saga of crypto-phishing attacks. Additionally, a substantial 26 Ethereum (ETH) coins were traced to an address associated with a recent SIM swapping and swatting assault, escalating the severity of the situation.
Alarmingly, ZachXBT had previously cautioned investors about the potential unreliability of the token’s founder, providing further grounds for concern.
Earlier in the week, blockchain analytics platform Lookonchain relayed the unfortunate news that several early bird investors in PYSOP had seen their investments plummet by half or even more. This catastrophic decline has triggered crypto community members to brand the project as a scam. A fake endorsement by Steve Aoki would help dispel such fears and negative attention.
The Aftermath: Legal Ramifications and Investor Backlash
In response to the monetary losses, some aggrieved investors took legal action, filing a class-action lawsuit against Ben.eth on May 20. The eminent law firm, Loevy & Loevy, warned the founder sternly, stating potential racketeering charges and wire fraud.Â
Damages awarded to presale investors could reach an astronomical $21 million, adding further intrigue to this unfolding drama. Steve Aoki also had his account reinstated after retaking control.Â
Coinciding with a surge in Twitter-based phishing attacks, security researchers have noted a worrying uptick in digital deceit following Elon Musk‘s purchase of the social media giant. Ever opportunistic fraudsters have capitalized on significant news events, such as Musk’s acquisition, to trap their victims.
The modus operandi of these online predators involves directing victims to rogue websites or seemingly innocuous Google Forms to extract valuable personal information.
The Double-Edged Sword of Technological Advancement
As technological tools evolve, they may inadvertently aid the fraudsters. Despite its merits, Google’s recent launch of an artificial intelligence-based email tool could enable criminals to craft persuasive phishing messages, escalating the threat level of these digital attacks.
Scammers, seeking to expand their pool of victims, have diversified their contact channels. They will reach out via dating apps, social media platforms, and even unsolicited text messages.
In a cunning twist, fraudsters have resorted to impersonating several well-known brands, including Apple, Tesla, and Nintendo. Their audacious impersonations merely demonstrate the extent of their commitment to duping unsuspecting victims, underscoring the gravity of this growing digital menace.
None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website.
