ZachXBT uncovered fake X accounts impersonating influencers with AI-generated content to drive cryptocurrency scams.
Blockchain investigator ZachXBT announced on Monday that he uncovered a coordinated network of fake accounts on X, formerly Twitter, which used exaggerated or fabricated war and geopolitical posts to attract users and promote cryptocurrency scams.
These accounts, allegedly purchased with existing follower bases, employed AI to impersonate prominent social media influencers like Mario Nawfal. They posted sensational "doomposts" to generate millions of views before shifting to fraudulent activities such as fake crypto giveaways and pump-and-dump token schemes.
How the Scam Operated
The scheme began with accounts posting misleading war or political content that went viral. Once engagement peaked, the accounts promoted scams, including a specific pump-and-dump operation involving a token called Oramama on February 22, as noted by ZachXBT.
On-chain evidence reviewed by ZachXBT indicated that the network profited in the six figures from these activities. He also identified numerous large accounts that inadvertently boosted the scams by engaging with the initial posts.
X, the platform involved, has been addressing bot and scam issues. Last month, X's product chief Nikita Bier announced enhanced measures for anti-bot detection and removal, as well as flags for AI-generated content, to combat automated spam and misinformation.
ZachXBT warned that the group might be preparing further scams and urged users to scrutinize account details and recent posts before interacting. He shared a list of suspected X users involved, in case they alter their usernames or deactivate accounts, highlighting the ongoing risks of social media manipulation.
