AI System Uncovers 95K Cryptocurrency Giveaway Scam Lists on X, Exposing Scammers and Their Techniques
Researchers from San Diego State University in California have developed an artificial intelligence (AI) system called GiveawayScamHunter. This advanced technology is designed to identify, track, and expose free cryptocurrency giveaway scams on X, formerly known as Twitter. Over the course of a year, the researchers utilized the system to discover a staggering 95,111 scam lists created from 87,617 accounts on the X social network.
To combat these scams, the researchers utilized GiveawayScamHunter to automatically extract website and wallet addresses associated with the fraudulent activities. As a result, they were able to collect valuable data including 327 scam giveaway internet domains and 121 new scam-related cryptocurrency wallet addresses.
The initial step in addressing the issue involved identifying a new method employed by scammers to carry out cryptocurrency giveaway scams, specifically by utilizing Twitter Lists. These Lists are an easy networking tool for scammers to exploit due to the permissionless nature of the feature on the social network.
To identify which lists were involved in giveaway scams, the team utilized natural language processing to train a specialized tool using data from previously identified scams in the field. Through this process, the researchers successfully identified nearly 100,000 instances of giveaway scam lists. This breakthrough allowed them to compile data on previously unreported scam websites and wallets.
By analyzing this data, the team gained significant insights into how these scams unfold, the methods scammers employ to target victims, and even an approximate estimate of the number of victims who fell prey to these scams during the one-year study period.
The findings and associated accounts, domains, and wallet addresses were duly reported to both X and the cryptocurrency/blockchain community. However, according to the researchers’ paper, 43.9% of the associated accounts remain active as of the publication date (August 10th). It is important to note that the majority of these accounts are likely spam accounts that are not in active use.
The development of GiveawayScamHunter showcases the immense potential of artificial intelligence in combating cryptocurrency scams on social media platforms. Through its automated capabilities, the system has been able to identify and expose thousands of scam lists, shedding light on the tactics scammers employ to deceive innocent victims.
This breakthrough research brings attention to the urgency of addressing cryptocurrency scams proactively. By leveraging sophisticated AI tools like GiveawayScamHunter, social networks and the cryptocurrency community can work together to safeguard users, prevent financial losses, and maintain the integrity of the cryptocurrency space.
It is crucial for internet users to stay vigilant, exercise caution when engaging in online cryptocurrency activities, and verify the authenticity of giveaways before participating. The fight against cryptocurrency scams requires collective efforts, technological advancements, and user awareness to ensure a safe digital environment for all.
