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Crypto Scammers Dodge Security Measures to Rug Money

• Metaverse Matters • 89 views

According to reports, Zach XBT, a chain security analyst, tweeted that the Twitter accounts @ CyrusPunk9623 and @ Stevedoes100x had Rug of more than $136500 (8…

Crypto Scammers Dodge Security Measures to Rug Money

According to reports, Zach XBT, a chain security analyst, tweeted that the Twitter accounts @ CyrusPunk9623 and @ Stevedoes100x had Rug of more than $136500 (80.3 ETH) in the name of CryptoPunks and Azuki whales in the past month. These two accounts have created more than 13 open version projects and held fake giveaways.

ZachXBT: Twitter accounts @ CyrusPunk9623 and @ Stevedoes100x defrauded more than 130000 dollars in the past month

Analysis based on this information:


Reports have emerged that scammers using the Twitter accounts @CyrusPunk9623 and @Stevedoes100x have duped investors of over $136,500 in the name of CryptoPunks and Azuki whales over the past month. The accounts have created more than 13 open version projects and held fake giveaways to attract unsuspecting investors.

Zach XBT, a respected chain security analyst, posted on Twitter about what had happened. He went on to state that the scammers had taken advantage of investors’ crucial mistake of forgetting to conduct due diligence for seemingly genuine offerings. This mistake had opened investors to such fraud, he noted.

In this latest scamming episode, the fraudsters had cunningly posed as genuine CryptoPunks and Azuki whales but were actually fakes. Such scams are prevalent in the world of cryptocurrencies where con artists make use of social media and other online platforms to take advantage of unsuspecting investors. Experts warn that it is hard to verify authenticity and warnings by the authorities or the general public cannot outpace the crypto scammers’ manipulation.

The level of abuse ranges from standard phishing scams to entire infrastructure hacks. Scammers have been noted to create fake projects akin to a typical cryptocurrency fraud, while others merely spread rumors and speculate to lure investors into making irreversible decisions. The scammers then disappear like chameleons, leaving investors in the dark with their losses.

In conclusion, investors need to develop and implement robust security measures and carry out due diligence before investing in cryptocurrencies. The failure to do so opens up vulnerabilities that such scammers exploit to run away with investors’ money. As noted by Zach XBT, chain security analysts also have a critical role in assisting investors in detecting and avoiding scams. They provide essential intelligence on fraudulent activity and aid in tracking and identifying culprits. They also help raise awareness about existing scams in the crypto space to emphasize the need for caution.

Keyword: Scammers

Keyword: Due diligence

Keyword: Security analyst

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