Scientists used AI to find and track 95K ‘cryptocurrency free giveaway’ scams on Twitter

Scientists used AI to find and track 95K ‘cryptocurrency free giveaway’ scams on Twitter


In the rapidly evolving landscape of digital currencies and blockchain technology, scams and fraudulent activities have unfortunately become commonplace. One of the prominent platforms for such scams is social media, particularly Twitter, where fraudsters often take advantage of the unsuspecting public’s curiosity about cryptocurrencies. However, a group of scientists has recently harnessed the power of artificial intelligence (AI) to combat these scams. In a groundbreaking effort, they successfully identified and tracked around 95,000 ‘cryptocurrency free giveaway’ scams on Twitter, shedding light on the potential of AI in countering online fraud.

The Proliferation of Cryptocurrency Scams

As cryptocurrencies gained popularity over the past decade, so did the prevalence of scams related to them. Among these, the ‘cryptocurrency free giveaway’ scam has emerged as a particularly deceptive scheme. Fraudsters typically create fake accounts impersonating well-known figures in the cryptocurrency space, such as Elon Musk or Vitalik Buterin, promising to give away a certain amount of cryptocurrency to users who send them a smaller amount as a ‘verification fee’ or ‘processing fee.’ Such scams prey on users’ FOMO (Fear Of Missing Out) and desire for quick profits, leading to financial losses for countless individuals.

Read Also: Is the cryptocurrency market about to break its 10-week losing streak?

AI’s Role in Detecting and Tracking Scams

To tackle this growing issue, a team of scientists from various disciplines collaborated to develop an AI-driven solution. Their approach combined natural language processing (NLP) techniques, social network analysis, and machine learning algorithms to identify and track cryptocurrency giveaway scams on Twitter.

  • Data Collection and Analysis: The researchers collected a massive dataset of tweets containing keywords associated with cryptocurrency giveaways. They also gathered information on users who engaged with these tweets. The data was then meticulously analyzed to establish patterns and characteristics common to scam-related tweets.
  • NLP and Machine Learning: Leveraging NLP algorithms, the AI system learned to recognize scam-related phrases, keywords, and linguistic patterns used in fraudulent tweets. Machine learning models were trained to distinguish between legitimate tweets and scam-related content, allowing for automated detection on a large scale.
  • Social Network Analysis: Understanding the interconnectedness of accounts involved in these scams was crucial. By mapping the network of accounts engaging with or retweeting scam posts, the researchers identified clusters of suspicious accounts that worked in concert to amplify the scams’ reach.

The Implications of the Findings

The results of the study were nothing short of revealing. The scientists identified and tracked approximately 95,000 cryptocurrency giveaway scams on Twitter within a span of six months. The scope of these scams was staggering, involving both human-operated accounts and bot networks. The team’s AI system was successful in flagging and reporting a significant number of these scams, leading to their removal by Twitter’s moderation teams.

Challenges and Future Directions

While this achievement represents a significant step in the fight against online scams, challenges remain. Scammers constantly evolve their tactics to evade detection, necessitating ongoing updates to the AI model. Additionally, false positives—legitimate content wrongly flagged as scams—underscore the need for refining the system’s accuracy.

As the battle against online fraud continues, researchers are exploring ways to collaborate with social media platforms, law enforcement agencies, and cybersecurity experts to create a comprehensive defense against scams and other malicious activities.

Read Also: BNB Becomes Top 5 Cryptocurrency by Market Cap, Surpassing Bitcoin Cash and Litecoin


The use of AI to identify and track cryptocurrency giveaway scams on Twitter marks a pivotal advancement in the realm of cybersecurity. By combining natural language processing, machine learning, and social network analysis, scientists have demonstrated the potential of AI in combating the proliferation of fraudulent activities on social media platforms. As technology continues to evolve, collaborations between researchers, tech companies, and regulatory bodies will play a crucial role in creating a safer online environment for all users.

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