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Security firm HashDit says the lower amount lost to scams on BSC could be due to an uptrend in security products addressing the threat. Scams facilitated on BNB Smart Chain (BSC) decreased from $55.4 million in the second quarter of 2023 to $13.6 million in the third quarter, according to an AvengerDAO report contributed to by security firm HashDit. This represents a 75% drop in the amount lost to scams. According to the security firm’s Analysis , the drop can be attributed to various factors, including an increase in overall awareness among community members, an uptrend in security products flagging malicious websites and activities, and community members identifying scams early and giving warnings before the scammers can succeed. Amount lost to BSC scams in 2023. Source: HashDit Despite the drop, rug pulls represented 67% of total losses on the blockchain in the third quarter. According to HashDit, this remains BSC’s most common attack vector. With rug pulls, maliciously acting pr...

Bad actors are now turning to the video-sharing platform to scam people by pretending to be crypto giveaway s from celebrities. TikTok is being flooded with fake posts pretending to be crypto giveaways from Elon Musk hourly, BleepingComputer first revealed. According to the report, malicious videos contain a deep fake interview with Elon Musk for Fox News, promoting a fake crypto giveaway. The report notes the majority of scam videos use similar website domains such as bitoxies[.]com, moonexio[.]com, altgetxio[.]com, cratopex[.]com. Despite the various domains, most of them utilize the same scam template, pretending to be an investment platform, BleepingComputer says. Elon Musk and crypto giveaway scams on TikTok | Source: BleepingComputer To participate in the giveaway , scammers are luring users to register on the website and enter a promo code shared on TikTok. The website pretends to deposit Bitcoin (BTC) into the user’s wallet by entering the code. You migh...

A 19-part thread outlines the sophisticated strategies scammers are using to part crypto users from their funds. Cybersecurity analyst Serpent has revealed his picks for the most dastardly crypto and non-fungible token (NFT) scams currently active on Twitter. The analyst, who has 253,400 followers on Twitter, is the founder of artificial intelligence and community-powered crypto threat mitigation system, Sentinel. In a 19-part thread posted on Aug. 21, Serpent outlined how scammers target inexperienced crypto users through the use of copycat websites, URLs, accounts, hacked verified accounts, fake projects, fake airdrops, and plenty of malware. One of the more worrisome strategies comes amid a recent spate of crypto Phishing Scams and protocol hacks. Serpent explains that the “Crypto Recovery Scam” is used by bad actors to trick those who have recently lost funds to a widespread hack , stating: “Simply put, they attempt to target people who have already been scammed, and claim they c...