Threads are already seeing potential cryptocurrency scammers appear on the platform, as Crypto Twitter identities warn of impersonators on the app.
Since the launch of Meta’s new microblogging app, scammers seem to have wasted no time; multiple prominent Crypto Twitter users have already issued warnings about fake accounts on Threads.
Threads started operating on July 5 and surpassed 98 million sign-ups in the days after. It’s still a long way from Twitter’s 450 million anticipated users.
However, some Crypto Twitter influencers have recently called attention to fake identities on Threads that are either impersonating genuine individuals or themselves.
Wombex Finance, a platform for decentralized finance, tweeted an image of a Threads account pretending to be it on July 8 but warned that it could belong to a fraudster because the project isn’t on the platform.
Attention, #WombexWarriors! 🚨
Please be aware that Wombex Finance DOES NOT have an account on the Threads platform.
Any account claiming to be Wombex Finance on that platform is fraudulent and is operated by a scammer!
To avoid scams, always refer to our official channels:… pic.twitter.com/uU8fc2lTiB
— Wombex (@WombexFinance) July 8, 2023
The nonfungible token (NFT) personality Leonidas tweeted a similar warning one day earlier to their over 93,000 followers, stating that they and other “large NFT accounts” were being impersonated by “scammers” on Threads. Leonidas said that in order to combat impersonators, they have now created a Threads account.
Jeffrey Huang, also known on Twitter as Machi Big Brother, tweeted his Threads profile on July 6, with one user calling out that there already existed a Threads account spoofing his Twitter identity.
— Machi Big Brother (@machibigbrother) July 6, 2023
So far, the aforementioned Thread accounts have not posted any phishing or scam links; instead, the majority of their posts have been about cryptocurrencies.
For years, Twitter has been a popular pathway for cryptocurrency phishing scammers, with a frequent approach which includes hacking into the Twitter accounts of well-known persons and companies and sharing fraudulent links.
Such connections typically aim to trick unwary individuals into disclosing their crypto exchange login, a crypto wallet seed phrase, or by having them connect a wallet to a smart contract that drains their wallet of cryptocurrency.
According to a report by Web3 security company Beosin, such phishing attacks resulted in the theft of cryptocurrency valued at around $108 million in the first half of this year.