Conning the Crypto Conman: End-to-End Analysis of Cryptocurrency-based Technical Support Scams

The study presents the first systematic analysis of cryptocurrency-based technical support scams, using the innovative "HoneyTweet" system to bait scammers through 25,000 automated tweets, successfully luring over 9,000 scammers. Researchers analyzed scammers' behaviors, identified their payment methods, and tracked their pivot from Twitter to other platforms. Through manual and automated interactions, two primary scam categories emerged: private key theft and service fee extortion. Validation experiments included setting up honey wallet addresses and collaborating with PayPal to trace scam-related transactions. The findings expose the lifecycle of these scams and propose mitigation strategies. This research is crucial for enhancing protections against evolving cryptocurrency fraud, safeguarding users' assets, and ensuring trust in digital financial ecosystems.