Home > Researchers Discover $870k in Losses from Crypto Scams in a Year

Researchers Discover $870k in Losses from Crypto Scams in a Year

by Blockchaincubes

GiveawayScamHunter is a unique automatic scam detection technology created by researchers at San Diego State University. This strong technology discovered 95,111 scam lists coming from 87,617 users on X (previously Twitter) between June 2022 and June 2023.

 

Understanding Twitter Lists and Their Flaws

Twitter Lists, a multifunctional tool that allows users to filter and prioritize material in their timelines, show a hitherto unknown channel for fraud. Adding users to lists without their permission, along with the only way out is to block the originator, sets the groundwork for possible abuse.

The Long-Term Effects of the Crypto Giveaway Scam

According to a study document released on August 10th, the free Bitcoin giveaway fraud has deceived over 365 people, resulting in an estimated financial loss of $870,000. Surprisingly, the problem has not been rectified, with nearly 44% of spam accounts still active at the end of the research. Despite this, the team shared its results and account information with X responsibly, underlining the critical need to combat scam distribution and protect users from falling prey to fraudulent operations.

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