In light of the increasing number of cryptocurrency scams permeating social media platforms, blockchain security company CertiK has delineated a comprehensive examination of this menacing trend. On October 26, 2023, CertiK took to Twitter to elucidate how the meld of social media’s extensive reach and cryptocurrency’s decentralized, and often murky, nature concocts a fertile ground for scam artists.
CertiK initiated its discourse by referencing a report from the Federal Trade Commission (FTC). The report stressed that cryptocurrency scams led to a staggering loss of over $1 billion in the 18 months leading up to June 2022. Interestingly, nearly 50% of these losses stemmed from engagements on social media platforms, whether via an advertisement, post, or direct message.
A Kaspersky report also revealed a 40% increase in cryptocurrency phishing attack scams in 2022, with 5,040,520 attacks compared to 3,596,437 in 2021. These attacks…
