The Threat from Social Media

The crypto world continues to grow and so do the threats that target it. A recent study [1] on Ethereum phishing scams has revealed how attackers exploit social media platforms such as Telegram, Reddit, and Twitter to reach potential victims and steal funds.

How the Scams Work

• Trust building tactics: Scammers pose as helpful community members, post fake warnings, or offer support.

• Impersonation: They mimic trusted platforms like Etherscan or YouTube, using links or comments to direct users to malicious Ethereum addresses.

• Persistent frauds: Fake smart contracts are often deployed, and victims start sending funds within hours. Because the blockchain is immutable, these scams can remain active for months or even years.

Statistics

• Significant losses: Victims collectively lost large sums, with the average loss per victim reaching tens of thousands of dollars.
• Disproportionate impact: Only about 6% of scam addresses were responsible for nearly 70% of total losses. A small number of highly effective scams caused most of the damage.

Staying Safe

• Never share your private key or seed phrase.
• Always verify addresses before sending any funds.
• Check URLs carefully, avoid clicking on shortened or suspicious links.
• Before interacting with an address, consider analyzing it with blockchain aware platforms (for example, Nikiwa) or dedicated address checking tools to review reputation, recent transactions, and any scam labels.
• Report suspicious accounts or messages immediately.
• Use hardware wallets and enable two-factor authentication.

Tip: Social media is home to real threats, stay cautious. Use trusted tools, verify addresses and links before interacting, and rely on community reports and blockchain-aware services to reduce risk. Stay informed, stay careful, and stay safe.

References

[1] Kimber, J., Branca, E., Natadze, A., & Stakhanova, N. (2025). An End to End Analysis of Crypto Scams on Ethereum. ACM Transactions on Internet Technology.