Crypto scammers are becoming increasingly bold in finding victims. The latest scam targeted followers of a popular BBC presenter, hoping to get them to invest in a fraudulent token.
On Monday, February 10, BBC presenter Nick Robinson revealed that his X (formerly Twitter) account had been hacked. Hackers used the account to promote a scam token named $TODAY to Robinson’s 1 million followers.
Hackers published a post falsely claiming that Robinson and Radio 4 Today launched their token. The post, which was since taken down, also praised US President Donald Trump for his business acumen. Crypto scammers often use this tactic to add credibility to their posts.
Robinson, who is still locked out of his account, revealed the scam on his radio broadcast. He explained that the post was “complete nonsense” and urged his viewers to be careful online. “Lesson learned. Don’t click on everything you see,” Robinson said.
Social Engineering Scam Type is on the Rise
Just one day after the scam targeting Robinson’s followers, Merkle Science published a report on this exact type of scam. Social engineering scams like these focus on exploiting human vulnerabilities, rather than those in code.
These scams typically involve celebrities with significant followings, and tech figures and brands. They aim to use these accounts to bring credibility to their scam tokens.
After unwitting victims interact with the scam wallets and websites, they expose themselves to losses.
In 2024, Merkle Science recorded 36 similar attacks. The most popular vector for these types of scams was X, with over 75% of the scams using its platform. YouTube was next, with 19% of the scams.
Victims of these scams are exposed to losses in several ways. Rug pulls and phishing attacks accounted for 44% of all scams.
With rug puls, the scammers wait for enough users to invest before dumping liquidity on the market.
Phishing is more nefarious and is most often the type of attack with fake airdrops and giveaways. It exposes users to malicious links, giving scammers access to the victim’s crypto wallets.
To protect themselves from these scams, users should always be cautious whenever they see an account launching a token or an airdrop. They should also verify the person’s other social media accounts and relevant news articles or other posts about the topics.
READ MORE: 3 Ways Crypto Scams Became More Sophisticated in 2024
