Online settings, such as Twitter, are becoming increasingly perilous, rife with fraudulent schemes aimed at naïve victims. Social media giant has recently been the epicentre of deception, with fraudsters deploying innovative ways to abuse its massive user base.
One such worrisome tendency is the widespread use of a scam involving the illicit distribution of Fantom (FTM) tokens, a situation that casts a sharp light on the rising issue of illegal activities inside the cryptocurrency arena.
Modus operandi
Following a devastating hack of Multichain, a decentralised banking protocol, cybercriminals recently switched their attention to the Fantom network. These perpetrators created a deceptive story that gathered traction on Twitter by taking advantage of the confusion that resulted.
They made false claims that the Fantom Foundation, a nonprofit organisation responsible for managing the Fantom network, was issuing FTM tokens to all users in reaction to the Multichain attack.
This deceptive post was then rapidly circulated, its promise of free tokens luring a sizable number of Twitter users.
A phishing link that was included in the tweet and was meant to trick recipients into thinking it was coming from the Fantom Foundation added credibility to the scam.
This manipulative method, intended to take advantage of the reliability linked to well-known companies, is a typical tactic in the cybercriminal playbook.
The chaotic events started on July 6 when anomalous behaviour on the Multichain platform was discovered. In response, Multichain shut down all activities and started an inquiry into the mysterious disappearance of assets valued at over $125 million.
The Fantom bridge, which lost an estimated $122 million in multiple cryptocurrencies, including Wrapped Bitcoin (WBTC), USD Coin, Tether, and a number of altcoins, was the main victim of this crime.
The initial response from Multichain was to warn users to stop using the protocol and to withdraw any contract approvals related to their platform. It was advised to take this cautious approach up till a more comprehensive picture of the circumstances was achieved.
Worrying trend
This exploit is part of an alarming pattern in the bitcoin business where Twitter is being utilised as a haven for scams, and it is not a unique event.
During the Multichain hack saga, prominent industry figure Changpeng "CZ" Zhao, CEO of Binance, entered the battle and assured his Twitter followers that the Binance platform had not been impacted and that all money was safe.
But in a world full of lies, not all voices of comfort can be relied upon.
The Fantom scam serves as yet another sombre reminder of the necessity for caution when interacting with the cryptocurrency market online, especially on public social media sites like Twitter.
It's imperative to exercise caution when clicking on unknown links and offers that seem unreal. As we move forward, cybersecurity is not just about protection but also about judgement and attentiveness, realising that not everything on Twitter is digital gold.