Popular on-chain detective ZachXBT recently called out two growing Twitter accounts for perpetrating multiple NFT-related scams over the past month.
The analyst explained the timeline of Friday’s events, including their sudden rise to prominence and the rug pulls they managed to pull off.
calling scammers
As described in analyst Twitter thread On Friday, Twitter handles @radako Y @Fitz_lol suddenly started using NFT profile pictures and tweeting about NFT late last month.
Although both accounts appear to have joined Twitter years ago, their follower counts skyrocketed into the tens of thousands in the weeks that followed. Radako, for example, increased his following from 2,806 to 47,021 between December 18 and 26, while Mr. Fit’s followers increased from 6,496 to 32,793 between January 3 and 11.
ZachXBT believes that these accounts were either sold or stolen, which explains the sudden turn of events.
“Shortly after, they started making embarrassing tweets stealing the engagement and promoting more than 6 rug projects they create,” he said. For example, the accounts would make tweets prompting people to follow or reply, while replying to the other account’s tweets encourages users to follow @FatNutzETH for a “free mint.”
The analyst said that we can verify that these two accounts created the projects using on-chain data. The Ethereum address associated with Radako’s profile picture is just “one hop away” from the implementer’s Ethereum contract address connected to Fitz’s NFT mat. The latter is also closely related to the public wallets used by @TrippyFrogsNFT Y @FatNutzETH.
“In total, these scammer-created projects earned them ~40 ETH in the span of a few weeks,” he continued. That’s worth roughly $64,000 at the time of writing.
Many Twitter users have drew attention to projects promoted by Radako and Fitz as scams, after being duped themselves. ZachXBT warned followers not to follow, tweet or reply to “random NFT accounts” simply because they have a high following.
The most common scams
In July 2022, Chainalysis researcher Kim Grauer warned that classic investment scams that promise unrealistic returns are still the most common and profitable in the industry.
However, more sophisticated scams, including romance and business/government imposter scams, netted crooks over $300 million between January 2021 and March 2022. Thankfully, crypto scams seemed to have died down as it became more established. the bear market.
NFT scams often occur after a trusted and influential social media page is compromised. For example, several Bored Ape Yacht Club NFTs have been stolen following a hack of the group’s property. instagram in April, and another of his Discord in June.
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