Key Takeaways
- The scam detection system found 95,111 scam lists originating from 87,617 accounts on X over a year period.
- The “free cryptocurrency giveaway” scam has targeted over 365 victims, culminating in a staggering estimated loss of $870,000.
In a bid to combat the escalating wave of crypto scams, researchers from San Diego State University have introduced a cutting-edge automated scam detection system called GiveawayScamHunter. This innovative solution has successfully unveiled a staggering 95,111 scam lists originating from 87,617 accounts on the social platform X (formerly known as Twitter) over a year-long period spanning from June 2022 to June 2023.
The breakthrough discovery, outlined in a research paper, has cast light on the concerning prevalence of crypto scams within the online sphere. Researchers meticulously documented their findings, including associated accounts, domains, and wallet addresses, and promptly shared this information with X and the wider cryptocurrency/blockchain community.
However, a significant observation emerged from the study: a substantial 43.9% of the implicated accounts remained active at the time of the paper’s publication on August 10. The researchers clarified that a significant portion of these accounts are likely to be spam-related and not actively utilized for legitimate engagement.
The research paper also highlighted the financial toll of these scams. According to their data, the “free cryptocurrency giveaway” scam has targeted over 365 victims, culminating in a staggering estimated loss of $870,000. This monetary impact underscores the severity of the issue, one that has yet to be fully resolved.
Despite the active efforts to tackle the problem, nearly 44% of the spam-related accounts identified during the study remained operational, underlining the challenges inherent in eradicating such fraudulent activities. The paper emphasizes the urgency of implementing preventative measures to curtail the dissemination of scams on social networks and shield users from falling victim to these fraudulent schemes.
The situation is compounded by the inherent characteristics of social networks like X. These platforms, characterized by their fast-paced nature and limited character counts, present fertile ground for scammers to exploit. Additionally, the permissionless nature of the Lists feature on X provides an easily exploitable networking tool for scammers seeking to gain credibility by associating with respected figures within the crypto community.
