- Scammers are using a fake Polkadot airdrop to clear user wallets.
- Crypto scams have been running rampant on Twitter since Musk took over.
If it sounds too good to be true, it probably is. With crypto scams running amock, that’s something traders should always keep in mind.
On Thursday, scammers started circulating a fake Polkadot airdrop on Twitter, buying ad space to target users. Scammers lured unsuspecting victims with a promise of three million tokens
“Polka $DOT Airdrop is live! In total we are distributing 3 million $DOT. Everyone has a chance to claim some,” the ad wrote. At $5.63 per token, the total distribution would be worth $16.89 million.
The scam post then directed users to their website, attempting to look like Polkadot’s website. The scam is crude, with the site missing features like clickable header sections.
The fraudulent website prompts users to connect their crypto wallet. If any user connected their wallet, the website would drain if all of its funds. The site also invites users to join the (real) Polkadot discord server.
Any interaction with posts promoting crypto scams is risky. Users should not click any links, especially not ones prompting them to connect their wallets.
Twitter Crypto Scammers Run Rampant Since Musk Takeover
Crypto scams have been on the rise in recent years. Scammers continued to target crypto users even as crypto prices dropped throughout 2022. On the other hand, a surge in scamming activity on Twitter seems to result from Musk’s takeover.
Since billionaire Elon Musk took control of Twitter, he fired most of the company’s staff. This includes employees that dealt with ad moderation.
After multiple legitimate advertisers left the platform, Twitter ads became even more attractive to scammers. As a result, Twitter struggled to remove fraudulent ads, including those that feature Elon Musk’s image.
In July 2022, one scammer even hacked a Twitter account belonging to a UK Cabinet Minister. He then used the account to promote his own crypto scam, with deepfakes of Elon Musk and Block CEO Jack Dorsey.
On The Flipside
- Security issues are mounting for Twitter. In January, a hacker leaked emails of 235M Twitter users.
- Crypto scams can target even the most sophisticated actors. For instance, Moonbirds co-creator lost $1.1M in NFTs in a phishing scam.
Why You Should Care
Scams are an increasing problem in the crypto industry. They harm the industry’s credibility and user adoption.
Read about North Korean government-funded crypto hackers:
North Korean Hackers Stole Record-Breaking Amounts of Crypto in 2022: UN Report
Read about the fallout from Silvergate’s liquidation:
‘We Had No Funds in Silvergate’ Major Exchanges Claim
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