A bogus Polkadot airdrop is being used by scammers to empty user wallets. After Musk took charge, cryptocurrency frauds have been rife on Twitter.

  • To empty user wallets, scammers are utilising a bogus Polkadot airdrop.
  • After Musk took control, there has been a huge increase in cryptocurrency frauds on Twitter.

It’s usually true if something seems too wonderful to be true. That’s something traders should constantly keep in mind because crypto frauds are rife.

Scammers bought ad space to target followers and started spreading a bogus Polkadot airdrop on Twitter on Thursday. Fraudsters used the promise of three million tokens to entice unwitting victims.

The Polka $DOT Airdrop has begun. We are dispersing $3,000,000 in total. Everybody has a chance to get some,” the advertisement stated. The whole dividend would be valued $16.89 million at $5.63 per token.

Users were then directed to their website by the hoax post, which had been designed to resemble Polkadot’s website. The fraud is basic, and the website lacks elements like clickable headers.

Users are prompted to link their cryptocurrency wallet on the bogus website. Every user who connected their wallet will have all of their money taken away by the website. Also, the website urges visitors to sign up for the Polkadot discord server.

It’s dangerous to engage with posts that promote cryptocurrency frauds. Users should avoid clicking any links, particularly those that ask them to link their wallets.

With Musk’s takeover, cryptocurrency scammers are rife on Twitter.

Recently, there has been an increase in cryptocurrency frauds. In 2022, scammers continued to prey on cryptocurrency consumers even as the price of the currency fell. On the other side, Musk’s takeover appears to be the cause of an increase in Twitter fraudulent activities.

The majority of Twitter’s employees have been let go since billionaire Elon Musk took over the firm. This includes personnel who handled ad moderation.

Twitter advertisements attracted more con artists as some trustworthy sponsors abandoned the service. As a result, Twitter had trouble getting rid of fake adverts, including some using Elon Musk’s picture.

One con artist even managed to break into the Twitter account of a UK Cabinet Secretary in July 2022. He thereafter utilised the account to promote his own cryptocurrency fraud by creating deep fakes of Block CEO Jack Dorsey and Elon Musk.

On the other hand

  • Twitter is experiencing increasing security difficulties. A hacker released the emails of 235 million Twitter users in January.
  • Even the most seasoned performers may fall victim to cryptocurrency frauds. For instance, a phishing fraud cost the co-creator of Moonbirds $1.1M in NFTs.

Why It’s Important

Scams are becoming a bigger issue in the cryptocurrency sector. They undermine the credibility of the sector and user uptake.

Learn more about cryptocurrency hackers supported by the North Korean government here:
Record-Breaking Cryptocurrency Was Stolen by North Korean Hackers in 2022: UN Report

Learn about Silvergate’s liquidation’s effects here:
Major Exchanges Claim: “We Have No Money in Silvergate”

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