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Recently, social media giant Meta Platforms, formerly known as Facebook, brought its text conversation application based on its already popular Instagram: Threads. The newly emerged social media platform managed to gain a lot of traction within a short span. However, several imposter accounts of prominent figures in the crypto space are reported to surface over the “Instagram app.”
Meta launched its microblogging application Threads on July 5, 2023. Twitter had been ruling the space since its incarnation, which now the Meta’s app is likely to challenge. Within a matter of days since its launch, the platforms reported to see 98 Million sign-ups.
Many Crypto Twitter users raised the concerns of fake accounts related to famous crypto accounts on Elon Musk’s social media company. The users have called out the impersonating of Twitter accounts on Threads.
Wombex Finance, a decentralized finance platform, took to Twitter on July 8 and posted a screenshot. The image consisted of a Threads account indicating it belongs to the DeFi platform. However, the post warned it to be a potential scammer, given the firm did not have any accounts.
Attention, #WombexWarriors! 🚨
— Wombex (@WombexFinance) July 8, 2023
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
In addition, non-fungible token (NFT) influencer Leonidas, also reported in a Twitter post claiming “scammers” on Threads have a lot of accounts akin to his and of other prominent figures. Though he was not on the platform, he now will create an account to deal with illicit people-created fake accounts.
The social media age of the internet has witnessed tremendous growth in the last several years. Human society prefers social media for socializing. Different types of platforms have emerged within years from blog and microblogging, discussion forums, image and video sharing, etc.
With the burgeoning asset class gaining popularity and adoption among people resulting in accumulating significant amounts of capital, this has proceeded to attract the attention of scammers and fraudsters. Furthermore, new and retail investors in the nascent asset industry become easy targets for illicit people to cheat and steal money from.
Twitter has also been a mode for such fraudsters to carry on their illegal activities to cheat on people and run away with their hard earned money. It was seen on many instances when hackers took control of famous celebrities or prominent figures’ accounts in the crypto industry, and used their platforms for promoting phishing or pyramid schemes to make people invest.
Earlier, TheCoinRepublic reported when Chief Technology Officer of ChatGPT’s creator company, OpenAI, Mira Murati’s Twitter account got hacked and used for promotion of an alleged crypto scam. Crypto companies like exchanges also met with similar instances.
The Twitter account of Crypto exchange, KuCoin, is reported to have been hacked and some fake activity which resulted in a loss of about $22K worth of funds belonging to the users. However, the company recovered the access to their account and also refunded the amount to the users.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
