Fake cryptocurrency giveaway bots are active at Twitter says Duo Security report

The researchers at Dua Security has revealed, that there are more than 15,000 cryptocurrency giveaway bots are fooling and crooking crypto investors on Twitter.

The report comes early this week under the paper titled “Don’t @ Me: Hunting Twitter Bots at Scale.” It raises the alarm for crypto investors who get lured by the exciting deals made by crypto scam bots. More than 88 million Twitter accounts were under scanning from a period of May to July to conduct the research. The company took the help of a machine learning algorithm to yield out the outcomes of the investigation.

The sweet trap

The detailed report makes us aware of the malicious behavior of the crypto scam bots. It explained how the bots masquerade themselves with a legal account of known personalities of the crypto world and lure novice investors. Even these cryptocurrency giveaway bots pretend to be as Vitalik Buterin, the founder of Ethereum and US President Donald Trump as well.

These bots make a compelling offer to the victim investor in which they offer massive sum in place of initial small investment. Also, the paper showed the light of the modus operandi of these bots that they use o gather information and data about the intended victim.

The impact of the research

Twitter acknowledged the outcomes of the study and assured to take preventive measures regarding this. Twitter admits that such kind of activities is taking place over the platform. The social media platform announced that they need to develop an advanced and pro-active approach to identify such malicious content. Furthermore, they assure to permanently remove the accounts which were ever reported to be a part of any illegal or suspicious activity previously.

However, the researcher team is not much content with this. They want to see how Twitter will materialize this strategy. The group believed that cryptocurrency giveaway bots are highly active and demand a straightforward analysis to recognize.


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