Social Media Platforms Address Crypto-Manipulation and Scams

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The cryptocurrency phenomenon has led to numerous scams on social media platforms. Companies that are claiming “guaranteed investment” and “no risk of losing money” are taking you to be a crypto-fool. There is no such thing as a guaranteed investment. On its face, investment comes with the risk of losing money. So, how have these scams evolved? Empty Promises Initially, scammers would announce giveaways and contests, promising to send certain amounts of crypto (ETH, BTC, or LTC) to the “first 50 people” to respond or provide financial information. This allows scammers to gauge the types of responses they get, and then look to the followers of these individuals. That provides a sort of database for scammers to identify influencers and other popular accounts out there. Post Manipulation Next, scammers would create social media accounts similar to verified accounts, belonging to popular crypto-influencers. They would then leave comments on tweets containing high engagements, promising to send certain amounts of crypto to the address(es) provided. As such, individuals would share, re-tweet, and tag others in these posts, causing the scam posts to appear at the top of the page, or very close by the original tweets. Account Manipulation Another measure that scammers have taken is mirroring verified accounts. By either buying out verified accounts or changing their profile pictures, account names, and bios, these scammers are luring individuals away from the actual verified accounts they already follow to these “new” accounts designed to obtain highly sensitive financial information and, eventually, control of people’s digital assets. What Are Platforms Doing…
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