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Scammers exploit Threads launch, impersonating crypto Twitter users

scammers-exploit-threads-launch-impersonating-crypto-twitter-users
Edited by
News
Scammers exploit Threads launch, impersonating crypto Twitter users

Threads, Meta’s newly launched microblogging app, has become a target for scammers wasting no time trying to deceive users.

The platform has already drawn the attention of several influential Crypto Twitter users, who are sounding the alarm about imposter accounts lurking on Threads.

On July 8, decentralized finance platform Wombex Finance shared an image of an imposter Threads account pretending to be associated with their project. Wombex Finance promptly alerted users, cautioning them that scammers could potentially operate the account since their project was not present on the Threads platform.

Similarly, nonfungible token (NFT) influencer Leonidas warned their substantial following of over 93,000 on July 7 about the presence of scammers impersonating “large NFT accounts” on Threads. Leonidas took matters into their own hands and created an account on Threads to combat these impersonators.

Another victim of impersonation was Jeffrey Huang, also known as Machi Big Brother on Twitter. On July 6, he shared his Threads profile, only to be alerted by a user that there was already an imposter Threads account masquerading as his Twitter persona.

So far, the imposter Threads accounts mentioned have refrained from sharing scams or phishing links, with their content primarily focused on the cryptocurrency space.

Twitter has long been a favored platform for crypto phishing scammers, often hacking the accounts of well-known individuals and businesses to disseminate malicious links. These links typically aim to deceive unsuspecting users into divulging sensitive information, such as their crypto exchange login credentials and cryptocurrency wallet seed phrases, or coaxing them into connecting their wallets to fraudulent smart contracts designed to drain funds.

Threads gaining momentum amidst Twitter’s rate limit controversy

The launch of Threads by Meta closely followed Twitter’s recent rate limit debacle, which temporarily imposed restrictions on the number of posts users could view in a day. This incident likely contributed to heightened interest in alternative microblogging platforms.

Threads app, introduced on July 5, has experienced a surge in sign-ups, surpassing 98 million users within days. Despite this promising start, the platform still has a long way to go to catch up to Twitter’s estimated 450 million user base.

Adam Mosseri, the head of Instagram, clarified that Meta does not intend to replace Twitter but instead aims to create a public square for communities on Instagram that never fully embraced Twitter. It also seeks to cater to communities on platforms like Elon Musk’s, providing a less contentious space for conversations.

The Threads application currently lacks several key features, such as direct messages, a “following” feed, a complete web version, and a chronological feed.