Crypto Twitter’s weekend filled with scams, hacks, and fake events
Unraveling a weekend of deception and high-profile hacks in the crypto world, highlighting the need for increased security and vigilance.
Cover art/illustration via CryptoSlate. Image includes combined content which may include the use of AI tools.
This weekend in crypto saw several peculiar events unfolding, from a thought-provoking fake summit to prominent Twitter account hacks and discussions on potential technological advancements.
Uniswap fake event
In an extraordinary display of deception, a group in Shenzhen, China, staged an event under the guise of the “First Uniswap Asian Summit” and had a so-called “CEO of Uniswap” in attendance. However, as Hayden Adams, ‘inventor of the Uniswap Protocol,' stated on Twitter, the event was not associated with Uniswap or Uniswap Foundation and was likely a scam. The scammers even went as far as creating a fork of the Uniswap website, adding Chinese community content while linking to the legitimate Uniswap app.
Peter Schiff's fake $GOLD token
Peter Schiff, CEO of Euro Pacific Capital and renowned Bitcoin antagonist, had his Twitter account hacked, with the hacker promoting an alleged launch of a new cryptocurrency. The tweet encouraged followers to “Claim your $GOLD,” a fake crypto project linked to Schiff's favorite asset class. Schiff's son, Spencer Schiff, quickly alerted followers, urging them not to click the link and emphasizing that his father was likely hacked.
XRP fake $LAW token
Pro-XRP lawyer, John Deaton, suffered a phone hack on June 4 amid a relentless cyberattack over several days. CryptoLaw, an account created by the attorney representing XRP token holders in the Ripple SEC lawsuit, responded to the hacker's tweet from the attorney's account.
Deaton took proactive measures to communicate with his Twitter followers, utilizing his daughter Jordan Deaton's Twitter account to notify people of the hack, stating, ” I still do not have access to my Twitter account. Twitter informed me that it could take 1-3 days.”
OpenAI fake $OPENAI token
In another surprising turn, Mira Murati, CTO of OpenAI, fell victim to a hacking incident aimed at promoting a fraudulent cryptocurrency. Trace Cohen, a serial entrepreneur, and investor, shared the news on Twitter, highlighting that AI and technology are only as strong as their weakest link, which often tends to be “a human” element.
The deleted tweet claimed the introduction of a groundbreaking token called “$OPENAI” driven by artificial intelligence-based language models. It encouraged users to visit a link to check their eligibility for an airdrop to their Ethereum addresses.
Respite for Crypto Twitter
Elsewhere across Crypto Twitter, scams were less of a priority as Twitter Spaces in the crypto space continued to thrive. For example, Binance CEO Changpeng Zhao (CZ) held a Twitter Spaces AMA on May 31, where he discussed various topics, from Binance layoffs to potential support for the Lightning Network on Binance's platform.
A breakdown released on June 2 recorded that he acknowledged that implementing the Lightning Network would require significant adjustments to their secure wallet infrastructure. However, he expressed optimism about the possibility of the network being supported, especially for Binance Pay and different wallet services.
Another day, another scam
As the world of cryptocurrency continues to expand, the events unfolding this weekend on Crypto Twitter serve as a potent reminder of the challenges and risks accompanying rapid innovation. The cultural influence of Crypto Twitter is undeniable, fostering a community that thrives on knowledge sharing, spirited discussion, and real-time updates.
However, alongside the positive developments, the space has become a breeding ground for hackers and scammers seeking to exploit users' trust, leading to an increased demand for security and vigilance.
The multiple high-profile hacks over the weekend highlight the need for the broader industry to invest in addressing security concerns and ensuring the integrity of the ecosystem while maintaining the open discussion and collaboration that have come to define our industry.
