Cryptocurrency Scammers Exploit War Panic on Social Media

A study has shed light on a sophisticated network of cryptocurrency scammers who are leveraging war-related content on social media to promote fake giveaways and pump-and-dump schemes.

The research, which analyzed on-chain data, found that these scammers use multiple accounts to build credibility and gain an audience by posting updates related to the war. Once they have established a following, they shift their focus to promoting fraudulent activities, including bogus giveaways and coordinated pump-and-dump operations.

One of the tactics employed by these scammers is to reuse old accounts or switch usernames to avoid detection. They also purchase older accounts that are already followed to sound more believable. This allows them to push scam campaigns quickly and effectively.

The study revealed that such coordinated operations can generate significant profits, with one instance reported as generating six-figure profits through short-term token promotions.