Social Media Verification Scams Shilling Shitcoins

What do you get when you combine social media and cryptocurrency? Scams, of course, there is nothing like believing random social media posts and putting your money behind what those posts say and do.

You'd think we'd learn how to discern misinformation online but sadly the amount of trust in a social media post still goes a long way. Either people have too much money and too little intellect or very few people use social media with a sober mind.

One of the latest scams going around is dubbed the 'verification scam' and it goes something like this.

Part 1 - Data capture

Hackers will go about their day securing database leaks when you log in with your Gmail or Twitter account, many people tend to use the same email and password because they're stupid and lazy.

Once the database is acquired, the hacker will run a script to see what social media accounts they can access and then reset those passwords and move them to a new email address or phone number.

Now that you have a set of verified social media accounts you have access to you sell it to third parties, because you don't have time for this nonsense. You want to get paid as soon as possible.

Part 2 - Scam set up

Once the hacker has sold the account to a new user, they will then rebrand the verified account, or accounts, its always better to get 2 accounts let's say Twitter and Instagram with the same handle as it ads more legitimacy.

Once these accounts are rebranded, a bot is connected to it to search for posts on #crypto #nft #bitcoin etc. These verified accounts will then like your post, many people will see a verified account like their post and follow the account.

The account then starts to skyrocket in followers.

It will then post silly engagement tweets like "GM what NFT project are you hyped about"

and try to measure the level of engagement the account will get, as a verified account with a reasonable amount of followers the algos favor its posts, even if it was a little scammy with bot liking.

Once it reaches a respectable amount of followers, it will then change the bio to "DM for business"

Part 3 - Cash in

Now that you have an account worthwhile, you then approach projects and ask if they would like a shout-out, retweet, or giveaway (which never turns out to happen). PR firms, marketing departments, and scammy projects will then reach out and pay the $500 - $1000 you want for your promotion and will promote absolute garbage in between the VC-funded garbage.

Eventually, some of these accounts are reported and taken down, but that's more than enough time to recoup your investment in purchasing these accounts in the first place.

There are loads of scams out there, some are just more honest than others, and if you don't learn to calibrate your bs meter you will fall for one of them.

If you want a more detailed break down then this podcast is a great listen

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