On Twitter, he exposed some of the most egregious scams involving cryptocurrencies and nonfungible tokens (NFTs) that are currently operating.

The analyst has amassed 253,400 followers on Twitter and is the founder of Sentinel, a solution for mitigating cryptographic threats that is powered by artificial intelligence and community collaboration.

In a 19-part discussion that was made available on August 21st, Serpent detailed the methods that con artists use to prey on unsuspecting users of cryptocurrencies by creating fake websites, URLs, accounts, and verified accounts that have been hacked; bogus projects; false airdrops; and lots of malware.

Twitter Is Home To Some Of The Sneakiest And Most Deceptive Crypto Scams

In the aftermath of a recent spate of crypto phishing schemes and protocol attacks, one of the methods that has emerged as particularly worrisome has emerged. In his post, Serpent explains how criminal actors take advantage of the Crypto Recovery Scam to mislead customers who have recently suffered coin losses as a result of a large attack, stating:

"To put it more simply, they go after those who have already been taken advantage of and then make the false claim that they can reclaim the monies."

According to Serpent, these con artists pose as blockchain developers and search for individuals who have recently been the target of a large-scale theft or vulnerability. They then demand payment from these individuals in order to install a smart contract that can help them retrieve the money that was stolen from them. They choose to "accept the fee and flee" in its place.

During the attack on the multimillion-dollar Solana wallet that took place earlier this month, this tactic was put into action. In response, the host of the YouTube channel Crypto Tips, Heidi Chakos, warned the community to be aware of scammers who claimed to have a solution to the hack.

Exploits that are currently available are utilized in yet another method. The Pretend Cancellation. According to the analyst, Cash Scam convinces users to visit a phishing website by telling them that the security of their cryptocurrency holdings may be compromised. This creates a "state of urgency" that compels users to click the link that leads to the malicious website.

Another method involves the use of Unicode Letters to make a phishing URL appear almost identical to a real one. This is accomplished by replacing one of the letters in the URL with a lookalike Unicode character. Scammers will also take a verified Twitter account, rename it, and then use it to impersonate a prominent figure in order to promote fake cryptocurrency mints or airdrops. This is a separate tactic from the one described above.

Consumers who are interested in become wealthy quickly are the targets of the remaining frauds. This includes the Uniswap Front Running Scam, which typically takes the form of spam bot messages that encourage users to watch a video on how to "make $1400/DAY front-running Uniswap," but which, in reality, is designed to trick users into sending their money to the wallet of a con artist.

A Honeypot Account is one more method that people have allegedly used to leak a private key in order to gain access to a wallet that has been filled with cryptocurrency. When clients attempt to donate cryptocurrency in order to support the transfer of coins, the funds are almost immediately redirected by a bot to the wallets of the fraudulent actors.

Another technique is to ask NFT artists for fake work or to persuade high-value NFT collectors to "beta test" a new play-to-earn (P2E) game or project. This can also be done to entice high-value NFT collectors to participate.