Crypto scammers are continuously innovating methods to steal digital assets from unsuspecting victims. One of the latest schemes uncovered involves deploying malicious Telegram verification bots to drain users’ crypto wallets.
In a post on X (formerly Twitter) on Monday, December 10, Scam Sniffer revealed that scammers are impersonating crypto influencers using fake X accounts. These fake accounts lure victims into joining “exclusive Telegram groups” with promises of investment insights.
Once inside these groups, victims are instructed to verify themselves through a fake Telegram bot called OfficialSafeGuardBot. The bot creates a false sense of urgency by imposing a tight deadline for completing the verification process.
Following the instructions triggers a malicious PowerShell code that downloads and executes malware on the victim’s system. This malware is designed to access victims’ systems and steal the private keys to their crypto wallets.
“We’ve seen numerous recent cases where similar malware has resulted in the theft of private keys. Many users have fallen prey to these sophisticated attacks,” Scam Sniffer stated.
Preventive Measures for Crypto Users
Scam Sniffer recommends several precautionary steps:
- Avoid running unknown commands.
- Thoroughly verify official communication channels.
- Be cautious of verification processes that impose time pressure.
- Use hardware wallets to store digital assets securely.
- Never execute arbitrary code or download software from unverified sources.
The Rise of Organized Crypto Scams
According to a Cointelegraph report, Scam Sniffer highlighted the increasing sophistication of crypto scams, particularly malware attacks targeting unsuspecting users. The infrastructure supporting such malicious software has advanced significantly, giving rise to highly organized operations.
A notable trend is the emergence of “scam-as-a-service,” where developers rent their malicious tools to other parties for phishing and theft purposes.
Scam Sniffer also noted that while Telegram-based malware distribution and impersonation scams are not new, the combination of fake X accounts, fraudulent Telegram channels, and malicious bots is a relatively recent phenomenon.
Sharp Rise in Fake X Accounts in Q4 2024
Crypto scams involving fake X accounts have surged in the last quarter of 2024. Scam Sniffer reported that their monitoring system identified an average of 300 fake X accounts per day throughout December, a significant increase from the 160 daily average in November 2024. These accounts are often used to distribute harmful links or tokens designed to deceive users.
The impact of these scams is far-reaching. At least two victims reportedly lost more than $3 million after clicking malicious links and approving fraudulent transactions facilitated by scammers using fake accounts.
Stay Vigilant
As scammers become more resourceful and organized, the crypto community must remain vigilant. Protecting digital assets requires adopting best practices, scrutinizing interactions online, and prioritizing security tools such as hardware wallets.
By understanding these threats, users can minimize their exposure to scams and navigate the evolving crypto landscape safely.
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