‘Scammers’ Target Crypto Twitter Threads As Users Surge

Key Points:

• Scammers are already impersonating Crypto Twitter users on Threads, Meta’s new microblogging app, following its launch on July 5.
• Threads has already surpassed 98 million sign-ups, but high-profile Crypto Twitter figures have warned of fake accounts impersonating others or themselves.
• According to a report by Web3 security firm Beosin, $108 million worth of crypto was stolen in phishing scams in the first half of this year alone.

Scammers have been quick to take advantage of the recent launch of Meta’s microblogging app Threads.

Although the app has already seen an impressive 98 million sign-ups since its release on July 5, it is still nowhere near as popular as Twitter, which has an estimated 450 million users. However, several high-profile Crypto Twitter users have already warned of imposter accounts on Threads, and it seems that the scammers are wasting no time in their attempts to deceive unsuspecting users.

Over the past few days, multiple Crypto Twitter figures have pointed out fake accounts on Threads that are impersonating others or themselves. Wombex Finance, a decentralized finance platform, tweeted an image of a Threads account impersonating it on July 8, warning that it could be a scammer as the project isn’t on the platform. Similarly, NFT influencer Leonidas tweeted a warning a day earlier to their over 93,000 followers that large NFT accounts, including their own, are being impersonated by “scammers” on Threads. Leonidas has since made an account on Threads to combat impersonators.

On July 6, Jeffrey Huang, known on Twitter as Machi Big Brother, tweeted his Threads profile, and one user pointed out that there was already a Threads account impersonating his Twitter persona. While the Thread accounts mentioned have not yet shared any scam or phishing links, most are posting crypto-related content.

In the past, Twitter has been a popular channel for crypto phishing scammers, who often hack into the Twitter accounts of well-known individuals and businesses to post malicious links. These links are designed to trick unwitting targets into sharing their crypto exchange login, a crypto wallet seed phrase, or connect a wallet to a crypto-draining smart contract. According to a report by Web3 security firm Beosin, phishing scams stole $108 million worth of crypto in the first half of 2022 alone.

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