18 Jan 2024 | Bhupendra Acharya, Muhammad Saad, Antonio Emanuele Cinà, Lea Schönherr, Hoang Dai Nguyen, Adam Oest, Phani Vadrevu, Thorsten Holz
The paper "Conning the Crypto Conman: End-to-End Analysis of Cryptocurrency-based Technical Support Scams" by Bhupendra Acharya, Muhammad Saad, Antonio Emanuele Cinà, Lea Schönher, Hoang Dai Nguyen, Adam Oest, Phani Vadrevu, and Thorsten Holz, explores the rise of cryptocurrency-based technical support scams. These scams involve fraudsters offering fake wallet recovery services to users experiencing wallet-related issues. The authors developed a tool called *HoneyTweet* to analyze these scams by posting 25,000 fake wallet support tweets (honey tweets) and interacting with scammers to understand their modus operandi.
Key findings include:
1. **Scammer Profiling**: Scammers often use Twitter as a starting point for the scam, then pivot to other communication channels like email, Instagram, or Telegram to complete the fraud. They request either secret key phrase submissions or direct payments to their digital wallets.
2. **Scam Lifecycle Analysis**: The authors tracked scammers across various communication channels and validated their findings by setting up honey wallet addresses and observing private key theft. They also collaborated with PayPal to confirm the efficacy of their methods.
3. **Scam Validation**: Through experiments, the authors confirmed that scammers successfully steal private keys and transfer funds. PayPal's feedback supported their findings, validating the effectiveness of *HoneyTweet*.
The paper provides a comprehensive end-to-end analysis of cryptocurrency-based technical support scams, offering insights into the scam lifecycle and recommendations for mitigation.The paper "Conning the Crypto Conman: End-to-End Analysis of Cryptocurrency-based Technical Support Scams" by Bhupendra Acharya, Muhammad Saad, Antonio Emanuele Cinà, Lea Schönher, Hoang Dai Nguyen, Adam Oest, Phani Vadrevu, and Thorsten Holz, explores the rise of cryptocurrency-based technical support scams. These scams involve fraudsters offering fake wallet recovery services to users experiencing wallet-related issues. The authors developed a tool called *HoneyTweet* to analyze these scams by posting 25,000 fake wallet support tweets (honey tweets) and interacting with scammers to understand their modus operandi.
Key findings include:
1. **Scammer Profiling**: Scammers often use Twitter as a starting point for the scam, then pivot to other communication channels like email, Instagram, or Telegram to complete the fraud. They request either secret key phrase submissions or direct payments to their digital wallets.
2. **Scam Lifecycle Analysis**: The authors tracked scammers across various communication channels and validated their findings by setting up honey wallet addresses and observing private key theft. They also collaborated with PayPal to confirm the efficacy of their methods.
3. **Scam Validation**: Through experiments, the authors confirmed that scammers successfully steal private keys and transfer funds. PayPal's feedback supported their findings, validating the effectiveness of *HoneyTweet*.
The paper provides a comprehensive end-to-end analysis of cryptocurrency-based technical support scams, offering insights into the scam lifecycle and recommendations for mitigation.