Social networks scams a loss of $ 500 million in 2024

TLDR

• More than $ 500 million have been lost in scams and carpet prints throughout 2024, with hackers mainly using social engineering tactics
• The crooks targeted the social media accounts of celebrities, in particular Kylian Mbappe and Wiz Khalifa, to promote false tokens
• X (formerly Twitter) was the main attack platform, representing 75% of all incidents, while Youtube experienced 19%
• The Mbappe scam resulted in a false token reaching $ 460 million in capitalization before collapsing
• Social engineering has led to equal quantities of carpet prints and phishing attacks, each representing 44% of total scams

A new The report of the Crypto Intelligence Merkle Science platform revealed that investors have lost more than $ 500 million against the same scams And the carpet fired in 2024, the hackers mainly operating compromise social media accounts to carry out their diagrams.

Research shows that social engineering has become the preferred method for cryptographic fraudsters, which have focused their efforts on obtaining unauthorized access to high -level social media accounts. These accounts were then used to promote false cryptocurrency tokens to millions of followers.

One of the biggest scams concerned the X account of the French football star Kylian Mbappe. After taking control of his profile, the pirates favored a same fraudulent same which quickly reached a market capitalization of $ 460 million before its value was dropped to zero in a conventional shooting scenario.

In another high level case, the X account of the musical artist Wiz Khalifa, with his 35.7 million followers, has become a target. The crooks used his compromise account to promote a false WIZ token, which reached a market value of $ 3.4 million before collapsing completely.

The data show that the social media platform X, formerly known as Twitter, served as the main battlefield for these cryptographic scams, welcoming 75% of all the reported attacks. YouTube ranked second, representing 19% of incidents.

Robert Whitaker, Director of Affairs of the Application of Laws at Merkle Science, explained that these attacks had demonstrated a high level of coordination.

“Pirates no longer target portfolios or exchanges; They divert the credibility of celebrities and industry leaders to manipulate markets in real time, “he told Coindesk.

The results of the report indicate that the carpet prints and phishing attacks were just as common, each type representing 44% of total scams. This suggests that criminals use various tactics to defraud investors.

The sophistication of these attacks marks a passage from previous cryptography scams. Instead of relying on anonymous accounts or false websites, criminals are now taking advantage of the confidence and scope associated with verified celebrities profiles.

The success of these scams was often based on the rapid dissemination of information on social media platforms, many investors rushing to buy tokens before showing reasonable diligence.

The Mbappe incident has proven to be particularly expensive for investors. The growth in market capitalization of the false token at $ 460 million occurred in the hours following the initial promotion, demonstrating at what speed these scams can degenerate.

The Wiz Khalifa incident followed a similar model, but on a smaller scale. The false WIZ token attracted millions of investments before its value disappears, leaving investors with digital assets worthless.

The prevalence of these attacks against X suggests that the large base of users of the platform and nature in real time make it an attractive target for cryptographic crooks. The high percentage of incidents on the platform indicates that cryptographic investors may need to exercise additional caution when meeting tokens promotions on this specific network.

The share of 19% of YouTube’s attacks represents another challenge for investors and platform operators. Video content has proven to be effective in convincing potential victims to participate in fraudulent diets.

The equal distribution between carpet prints and phishing attacks (44% each) shows that criminals adapt their techniques according to the opportunity. Carpet prints capitalize on quick gains thanks to market manipulation, while phishing attempts focus on theft of personal information or cryptographic portfolio references.

The law enforcement organizations and crypto security companies continue to follow these incidents, but the rapid nature of social networks and cryptographic markets often allows crooks to execute their plans before preventive measures can be put into artwork.

The Merkle Science report reveals that most of the victims lost their funds in a few hours or even in a few minutes after the launch of a scam, highlighting the speed at which these operations take place.

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