On-chain investigator ZachXBT has uncovered a coordinated network of more than ten accounts using viral panic about war and politics to drive traffic to crypto scams. The scheme involves purchasing social media accounts, posting highly negative “doompost” content to trigger engagement, and then promoting fake giveaways or pump-and-dump scams. The operation has reportedly profited six figures, raising concerns about the potential for similar platform manipulation by more sophisticated actors.
A network of social media accounts is manufacturing viral panic to promote cryptocurrency scams, according to on-chain investigator ZachXBT. In a detailed thread, he explained the accounts coordinate to post about trending negative topics like war to drive engagement and traffic.
The strategy begins with purchasing accounts that already have followers. These accounts then post multiple times daily with highly negative content, a tactic known as “doomposting.”
This content is reposted from alternative accounts to amplify its reach. The final step involves promoting a fake giveaway or a direct cryptocurrency scam before changing the account username.
The scheme leverages social engineering, as users engage more with negative content. ZachXBT noted that several large accounts have engaged with these posts, unknowingly boosting their visibility.
Ten accounts in the monitored cluster were found promoting pump-and-dump crypto scams. On-chain evidence suggests the scheme profited six figures.
ZachXBT expressed concern over the implications of such easy platform manipulation. It’s scary to think about the implications of it if a nation state actor operated the same scheme rather than a meme coin scammer given how easy it is to operate, he stated.
He further argued that this type of manipulation should have serious consequences. I believe platform manipulation should result in bans and face legal consequences given the propaganda has many users currently falling for fake news every day.
