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Massive Twitter Scam: AI System Unmasks 95,111 Fraudulent Listings

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ByMarcel Bich

Sep 12, 2023
Twitter Scam Exposed: AI Detects 95,111 Fakes
Marcel Bich
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In a staggering revelation, a groundbreaking fraud detection system named GiveawayScamHunter, developed by researchers at San Diego State University, has unveiled a web of deceit on Twitter. This ingenious AI-driven tool unearthed a shocking 95,111 fraudulent listings across a network of 87,617 compromised Twitter accounts, unmasking a rampant ecosystem of scams that preyed on users’ trust.

By harnessing the power of natural language processing, the research team harnessed historical data to train the AI in detecting the telltale signs of free token giveaway scams. The result? A near-impeccable identification of almost 100,000 instances of fraudulent giveaways, peeling back the layers of deception that had ensnared countless victims.

The aftermath of this nefarious activity leaves a trail of financial devastation, with over 365 individuals counting losses to the tune of a staggering $870,000. Even more alarmingly, nearly 44% of the fraudulent accounts still remained active as the results came to light, underscoring the persisting menace these scammers pose.

The implications of this research are far-reaching, spotlighting the strategies and behavioral nuances of fraudsters who exploit the virtual realm of Twitter. The findings underscore the urgent need for robust measures to curtail the proliferation of fraud across social media platforms, shielding vulnerable users from falling prey to these intricate scams.

As the research team aptly put it, “Our work sheds light on the propagation strategies and behavior of fraudsters on Twitter, as well as the scale of fraud victims and financial losses, highlighting the critical need to prevent the spread of fraud on social media and protect users from falling for such fraudulent schemes.”

Scammers clone crypto project pages in Threads

In a related development, the cryptocurrency community found itself entangled in another web of deceit as clones of genuine crypto project pages emerged on the Threads social network. This ruse triggered concern among Twitter users, as the fake accounts drew unsuspecting victims into their trap. The Wombex Finance cryptocurrency project and the notorious NFT investor Jeffrey Huang’s Twitter clone were among the victims of this insidious cloning scheme.

In 2023, hackers laundered millions of dollars

Turning to the darker side of the crypto world, the first half of 2023 saw a staggering $244.5 million laundered by cryptocurrency hackers. The notorious Harmony Bridge cross-chain hack took the lion’s share, accounting for approximately $100 million, closely followed by the Atomic Wallet incident.

The under-sanctioned Tornado Cash mixer became the conduit for laundering a significant portion of the stolen cryptocurrencies, while hackers artfully exploited centralized exchanges and cross-chain bridges to legitimize their ill-gotten gains from Harmony Bridge and Atomic Wallet.

In an era where the digital and financial landscapes continue to intertwine, these revelations underscore the urgent need for heightened vigilance, advanced fraud detection mechanisms, and robust security measures to safeguard the integrity of both the virtual and monetary realms.

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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.