Crypto Scammers On Social Media Could Have Made Millions Through Impersonation

Crypto scams are a very common phenomenon on Twitter, Facebook, and Instagram. One of the ways they do so is by impersonating well-known figures in and around the crypto ecosystem.

The interesting technology behind the scam on these accounts is actually quite impressive. Within the comments, they create threads of different responses, which makes it impossible for other accounts to post comments to be read. Basically, it is impossible for consumers to communicate, further hiding the scam. Some experts in the crypto world are unsympathetic to these issues. They say that the users that fall for the Twitter scams deserve to lose out since they have not done the research that could have prevented it. The most likely users to fall victim to these scams are new investors and casual investors.

Columnist Nicole Kobie had explained the issue by saying:

“Verified Twitter accounts – including Google’s G-Suite and Matalan – are getting hacked and pretending to be Elon Musk. The bitcoin scams are making thousands but why can’t Twitter do anything about them?”

In November 2018 BitcoinExchangeGuide had reported that a U. S. lawmaker, a film company and a book publisher were hacked to impersonate Musk and that all these accounts are linking to a well-known crypto scam that promises to send large amounts of Bitcoin to the users if they just send a small amount first. The hackers copied the picture of Tesla’s founder and his bio while also retweeted his tweets to look more genuine. The scam is as follows: you have to give 0.1 to 3 BTC to an address in order to receive 1 to 20 BTC later. The more you give, the more you will allegedly earn. However, obviously, you will not get a single cent out of this scam, only the scammers.

Twitter has increasingly been facing criticisms for the prevalence of giveaway scams. In fact, Elon Musk’s identity has been used in the past by other would-be scammers hoping to leverage Musk's reputation in order to trick users into thinking that he is giving away cryptocurrency. Musk himself is aware of this. He solicited help from crypto-community members, including Dogecoin creator Jackson Palmer, in an effort to block the scam solicitations from his feed.

Earlier, Vitalik Buterin himself came to support Musk asking Twitter for a 2 step verification.

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