Crypto scammers “profited six figures” by exploiting war and politics panic on X
A coordinated network of crypto scammers made six-figure profits by exploiting fears about war and global politics on X. The operation, which involved 16 fake accounts posting viral panic content to lure victims into pump-and-dump schemes, was exposed by blockchain analyst ZachXBT and shut down.
Prominent blockchain sleuth ZachXBT has struck again, this time helping suspend 16 accounts on X tied to a likely coordinated network of crypto scammers. Just before the suspension, all the accounts blocked the analyst, "almost as if they were operated by one person."
He said the network manufactured viral panic about war and politics while luring potential victims into crypto scams.
According to the investigation, their strategy involved purchasing accounts with followers, doomposting multiple times per day, reposting content from alternate accounts, promoting fake giveaways or scams, and eventually changing usernames. For example, a fake Asian version of Mario Nawfal, a popular X account, was also created.
Even many large accounts on X got caught in these traps, falling for engagement bait and further helping the fake post, which was designed to provoke users and reach a wider audience. For example, a post by the fake Asian "Mario Nawfal," Wang Laurent, lured multiple commenters reacting to the statement that a report from "a friend in Cuba" should “end careers in Washington."
Meanwhile, while large accounts were unknowingly helping the criminals, "Behind the scenes, the account hosts fake giveaways and promotes crypto pump and dump schemes."
According to ZachXBT, ten accounts in this network, including the above-mentioned "Wang Laurent," promoted the pump-and-dump crypto scam ORAMAMA this past February and never posted about it again, while blockchain data shows that this scheme might have helped the scammers profit six figures.
The analyst has also warned that this network is once again farming engagement for another upcoming scam.
"It’s scary to think about the implications of it if a nation-state actor operated the same scheme rather than a meme coin scammer, given how easy it is to operate," ZachXBT said, suggesting that platform manipulation should result in bans and face legal consequences.
The sleuth has also shared his practice of reviewing recent posts and account details before engaging with their content.
"So the good news is it was just a meme coin scammer. The bad news is now everyone knows the playbook," X user @shenzhenclippa concluded.
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