Ethereum Giveaway Scams Totaling $5 Million Worth of ETH Stolen via Fake Twitter Accounts

$5 Million Worth of ETH Has Been Stolen via Twitter Scams

The cryptocurrency market has everything, scammers and projects that will blow your mind or change an industry 180º degrees. But if you follow Twitter accounts that are important to the crypto space (or not), you may already be aware of the scams that are taking place.

The situation that we have been experiencing is that some influencers, including Vitalik Buterin (Ethereum), Changpeng Zhao (Binance CEO), or Elon Musk (Tesla, Boring Co) are ‘giving away ETH.’ This is not real, first of all. They are not giving away anything. Some individuals create fake accounts that impersonate them just to steal people’s funds.

In order to take part in these fake giveaways, it is necessary to send to a specific address between 0.2 to 0.5 ETH, or in some occasions this number may arrive up to 5 or 10 ETH. After it, the scammer says that you will receive back more than what you have invested, for example, 2-4 ETH or even more if the initial deposit was bigger (can reach 100 ETH).

According to Cryptomania, over 8148 ETH were stolen through these giveaways. Over 4000 different types of scam have been logged out and 700 are still active trying to obtain more funds.

8148 ETH are currently valued at $4.2 million dollars (at current prices each Ether coin can be bought for $525 dollars).

Indeed, there are some influencers that have decided to change their Twitter name to ‘Not Giving ETH away.’ At the same time, these figures tried to press Jack Dorsey, Twitter’s CEO to do something with these scammers.

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