The Popularity of the App since its Release in July
With as many as 98 million sign-ups since its inception on July 5, the app has witnessed an astonishing surge in its user count. However, compared to social media giant Twitter, housing an estimated 450 million users, this app is still considered a dwarf. It seems the main issue that plagues the newly launched app is the flood of imposter accounts trying to deceive innocent users. This is evident from the stern warnings issued by some high-profile Crypto Twitter users regarding phony accounts on Threads. The scammers appear to be exploiting the platform without wasting any time.
Comparative statistics:
- The app: 98 million users
- Twitter: 450 million users
Warnings about Imposters on Threads
“Attention, #WombexWarriors! 🚨
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…” – Wombex (@WombexFinance) July 8, 2023
In recent days, numerous well-known figures from Crypto Twitter have highlighted the presence of counterfeit accounts on Threads, many of which pose as other legitimate users or profiles. For instance, Wombex Finance, a decentralized finance platform, tweeted about a Threads account impersonating it on July 8. The company warned its followers that this account could be a scam, emphasizing that Wombex Finance itself does not maintain any sort of presence on the Threads platform.
On the other hand, NFT influencer Leonidas alerted their over 93,000 followers on Twitter about fake accounts on Threads, their own account included. In a tweet that was posted a day earlier, Leonidas stated that these accounts were being managed by “scammers”. Consequently, Leonidas decided to join Threads themselves to fight back against these fake accounts.
Jeffrey Huang’s Experience with Impersonator Accounts
“Yo pic.twitter.com/nVEg5YKLfc” – Machi Big Brother (@machibigbrother) July 6, 2023
One notable case is that of Jeffrey Huang, known on Twitter as Machi Big Brother. He tweeted his Threads profile on July 6, only to be told by a user that a Threads account has already been made impersonating his Twitter persona. Though no harmful links have been shared by the mentioned Threads accounts so far, the content they post is mostly crypto-related, which suggests possible scam intent.
Twitter as a Hotbed for Crypto Phishing Scams
Twitter has become a notorious platform for crypto phishing scams. Hackers often gain unauthorized access to the Twitter handles of famous individuals and companies, through which they proceed to post malicious links. These links are specifically crafted to deceive unsuspecting users into handing over crucial information, such as their crypto exchange login credentials or their wallet’s seed phrases, or even luring them into connecting their wallets to a smart contract with the intent to drain it. According to Beosin, a Web3 security firm, phishing scams in the first half of 2022 alone resulted in the theft of roughly $108 million worth of cryptocurrency.
Scamming statistics:
- Number of phishing scams: thousands
- Stolen due to scams in H1 2022: $108 million
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