Telegram Groups Emerge as Entry Points for Crypto Scammers, Warn Security Firms

News Mania Desk / Piyal Chatterjee / 11th December 2024

The cryptocurrency mania has gained tremendous popularity within Telegram, thanks to the platform’s introduction of small Web3 games for in-app entertainment. However, the boost in interest has also attracted cryptocurrency scammers, who have increased criminal activity on the app. Security firm Scam Sniffer has issued a warning about scammers using Telegram groups to identify potential victims and drain their cryptocurrency wallets. So yet, Telegram has not replied to the events.

In a post on X, Scam Sniffer stated that cryptocurrency scammers are building false profiles impersonating renowned influencers. These phony identities actively interact with posts in order to identify and target potential victims.

“They leave comments on real postings, inviting readers join “exclusive” Telegram groups that promise alpha and investment insights. When people join the Telegram group, they are instantly prompted to verify using OfficiaISafeguardBot. “This fake bot generates artificial urgency with extremely short verification windows,” the security firm wrote on X.

During the verification process, scammers place a malicious code called PowerShell in the device’s clipboard. According to Scam Sniffer, when performed, this code can compromise the security of cryptocurrency wallets. In April, Telegram CEO Pavel Durov stated that the company’s user base might soon reach a billion. Essentially, Scam Sniffer believes that scammers employing the PowerShell code are putting thousands of cryptocurrency investors on the platform at danger.

Furthermore, the program now allows users to transfer and receive cryptocurrencies such as Tether directly within chats, a feature that scammers can utilize to get personal information such as wallet addresses from their victims in order to eventually swindle them.Experts in the global Web3 sector have frequently advised consumers to be wary of strangers initiating chats about money and investments. In light of a recent Telegram scam, Scam Sniffer strongly recommends against running unexpected instructions.With social media’s global reach, users are encouraged to properly verify their profiles, especially because sites such as Instagram and X now enable anyone to buy verification badges.

The security firm also advises users to instantly report and ban strangers who ask them to prove their identity in order to join questionable groups.