Scammers are utilizing Twitter to create fake accounts of public figures and celebrities in order to publicize cryptocurrencies. Once their false tweets causes an increase in the cryptocurrency’s price, they sell these coins at a large profit.
Fortunately, a developer has built a tool that will help users identify tweets from possible fake accounts. Harry Denley, a web developer with special interest in cryptocurrencies, will be releasing the Twitter-specific extension. Denley has previously written a script that is designed to track domain names that have been blacklisted. His creation of the Twitter-specific extension was brought about by the complaints Denley heard from Ethereum creator Vitalik Buterin. Buterin discovered that his identity has been impersonated on Twitter.
The goal of the extension is to collar fake accounts. False Twitter accounts are a common scenario in the cryptocommunity world as these are built to advertise fraudulent projects or directly request strangers for money.
Some fake accounts go the lengths of promoting their preferred cryptocurrency and then sell these after their fake endorsements of it causes the value of the cryptocurrency to increase. Some even build a false company and then raise funds for a fake initial coin offering prior to disappearing.
Denley’s extension will stop users from sharing their addresses and cryptocurrency passwords with phishers and scammers. The extension is designed to check domain names against a list of sites. Such phishing attempts tricks users in giving away their cryptocurrency via false emails that come from illicit accounts.