The recent theft of Bored Ape Yacht Club NFTs exemplifies a growing trend in which social media is being used as a tool for crypto and NFT scams.
$3-million hack last week
“We have seen more and more attacks and hacks in web3 and the blockchain industry, and many of them have new forms of attack, which we haven’t seen before,” Gu said. Malicious accounts posing as real crypto companies, projects and entrepreneurs often tout fake giveaways of cryptocurrencies or NFTs. They can also disseminate through, which are automated social media accounts that can make posts and tag users, just like profiles run by humans. Twitter maintains that less than 5% of profiles are fake or spam, according to its first-quarter earnings report — but that doesn’t make them any less of a potential threat.that he was acquiring Twitter Inc.
The breach of official crypto accounts has happened on Discord too. Before its official launch, NFT marketplace Fractal had itsCrypto scams put more pressure on social media companies to boost security measures and hash out clearer policies on how they plan to better protect users. Companies can also provide better education to both employees and users on social engineering and make greater use of tools to verify that a user is human, such as adding a “CAPTCHA” challenge requiring users to solve a puzzle or type in hard-to-read text in order to use the platform.
For some crypto adherents, the ultimate solution lies in web3 — a decentralized, blockchain-based internet that proponents see as a step up from the current state of affairs, in which tech companies control the biggest online platforms.
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