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A disturbing trend has emerged recently, as swindlers have confiscated at least eight Twitter accounts associated with cryptocurrencies.

The syndicate has obtained approximately $700,000 by employing intricate phishing maneuvers via compromised accounts. Once gaining control, they promptly dispatch deceitful tweets containing phishing schemes to the followers of the compromised accounts.

Twitter’s sluggish response exacerbates the potential harm caused by these fraudulent messages. The tweets are left visible for prolonged periods, sometimes hours or even days.

Fraudsters appear to favor the method of SIM swapping, whereby they deceive the victim’s mobile service provider into transferring their phone number to a SIM card under the scammers’ command. By doing so, they circumvent the protective measures of two-factor authentication (2FA).

All pilfered assets trace back to a single on-chain address, indicating that this is not an isolated incident but rather the handiwork of a cohesive organization. Сrypto users on Twitter are urged to exercise prudence and undertake necessary steps to fortify the security of their accounts.

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