Crypto Scammers Promote Telegram Account-Stealing Methods Through Fake ‘Safeguard’ Scheme: Details Below

In a surprising turn of events, crypto scammers are now using “safeguard” schemes to lure crypto keys out. According to Slowmist’s X post, scammers are using tactics like the fake “Safeguard” scheme and are openly promoting their Telegram account-stealing methods.

In this type of scam, the perpetrators will likely send someone a Telegram message and then push them to “verify” something. Once a user enters their login code, they then grab one’s session info. This is likely the first step of the scam.

Next, they search for private keys in bots. If they fully take over one’s account, they’ll impersonate the person to scam their friends or even steal crypto from their wallets.

Slowmist also points out that variations of this scam are spreading—like random messages warning of “account risks” and pushing fake security checks.

Telegram Crypto Scams See Unprecedented Rise

The popularity of Telegram among cryptocurrency aficionados has led to a notable increase in crypto frauds via the network in recent years.

Scammers employ a variety of strategies to trick users into sending money or disclosing personal information, including phony investment opportunities, posing as well-known individuals, and giving fictitious airdrops.

The fraudulent “Safeguard” scheme is a prevalent scam in which scammers claim to secure consumers’ money but end up stealing their Telegram account information.

These scams flourish on the platform’s private group chats, where con artists influence users by instilling a sense of exclusivity and urgency.

Also Read: Telegram Crypto Scams Surge 2000% in 90 Days, Overtakes Traditional Phishing Hacks

Why are Telegram Scams Rising?

Although Telegram’s anonymity and encryption capabilities are good for privacy, they have also made it a popular conduit for these illicit operations.

The platform is a favorite target for scammers who want to take advantage of consumers because of its popularity among crypto communities.

This problem has been made worse by the crypto industry’s explosive expansion and the lax rules on social media. The need for increased knowledge and security measures to shield users from these fraudulent schemes is growing along with the popularity of cryptocurrencies.

Telegram’s private groups and direct messages are frequently used by scammers to advertise phony airdrops, phishing scams, and investment possibilities.

Furthermore, both reputable investors and bad actors have been drawn to the crypto industry due to its explosive expansion. Telegram is a perfect place for fraud to flourish unchecked because so many users are unaware of classic scams.

Also Read: Telegram CEO Reveals Revenue Soars Past $1B & $500M Cash Reserve As BTC Holdings Surge to $1.3B in 2024