Instagram’s Thread is Already Becoming a Ground for Scammers

According to recent reports, suspected crypto hackers have started gravitating to Meta’s new microblogging tool, Threads. 

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Scammers Dresses as Influencers on Threads

The suspicions were raised after numerous prominent crypto users on Twitter warned of fake accounts being created on Threads.

It is worth noting that Threads went live on July 5 and witnessed sign-ups that surpassed 98 million in the following days. 

Investors Warned by Crypto Twitter Influencers

However, numerous Crypto Twitter personalities have already detected fraudulent identities on the social media plaform mimicking others in just a few days. For instance, on July 8, the decentralized financial services company Wombex finance tweeted a picture of a Threads account pretending to be the company’s. 

The message noted: “Please be aware that Wombex Finance DOES NOT have an account on the Threads platform. Any account claiming to be Wombex Finance on that platform is fraudulent and is operated by a scammer!”

Impersonators on Threads

In addition to Wombex Finance, Jeffrey Huang, or Machi Big Brother on Twitter, provided the link to his profile on the new platform on July 6. after which one user noted that there had already been a Threads account imitating his Twitter style.

Another red flag was raised when non-fungible token (NFT) influencer Leonidas posted a related cautionary note about scammers impersonating them and other “large NFT accounts” on Threads. Leonidas stated that they had now created a Threads profile to take on impersonators. 

Cyber Security Agencies to Take Down Scammers

In May, the Hong Kong Police Force’s cybersecurity division introduced a new Web3.0 platform called “CyberDefender Metaverse” in order to educate the general population regarding the potential dangers of Web 3.0 and the metaverse. 

In February, Meta CEO confirmed that it is continuing to invest in its metaverse programme, despite reports that virtual lands on several of the largest metaverses currently cost significantly less compared to what they did in 2022, with many of them losing nearly 90% of their value.

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