San Diego State University researchers determined that crypto scams made through Twitter Lists caused $870,000 in losses in one year.
Due to crypto scams, users lost some of their funds this year as well. However, the DeFi industry was the most injured by these hacks.
Researchers investigate scams with Twitter
Researchers have developed “GiveawayScamHunter,” a fully automated fraud detection system that uncovers 95,111 scam lists created from 87,617 accounts on Twitter between June 2022 and June 2023.
Twitter Lists is a social media platform functionality that allows users to customize, organize, and prioritize posts they see on their timeline. However, users can add other users to fraudulent lists without permission, and the solution is to block the person who created the list.
According to the research article, “More than 365 victims were targeted by the promised free crypto scam, resulting in an estimated $870,000 in financial losses.” However, the problem is not completely resolved. Researchers found that about 44 percent of spam accounts are still active.
The research team emphasized that this study revealed the spread strategies of scammers on Twitter, the size of victims and financial losses, and stated that urgent measures should be taken to prevent such scams from spreading on social networks and prevent users from falling into such situations.
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