Crypto Scammers Took to Twitter to Take Advantage of the DOGE SNL Hype

The much anticipated Dogefather sketch was aired on May 8th, 2021, via SNL. One hour before its SNL debut, the price of DOGE started to tank. The promo not only tanked the hopes of Dogecoin holders but was also misused by a group of scammers to rob people. As reported by Bleeping Computer, hackers took possession of 20 verified Twitter accounts and used them to hijack the timeline of Elon Musk. 

These fake accounts were revamped to look like SNL official account and post fake giveaway messages on the social media platform. In the past, there had been scammers who tried to impersonate Elon Musk’s official account and ask unsuspecting users to transfer their funds to scammers’ digital wallets. The media outlets and official spokesperson are trying to educate the people that firm executives and government officials would not ask them to send cryptocurrencies. 

Fake Twitter Accounts Managed to Rake in $100,000 from Social Media Spamming

The scammers who took possession of verified Twitter accounts started to flock to the comment thread of Musk’s official account. A lot of people had very little to doubt since these fake accounts were operating with a blue tick. These accounts posted messages in bulk asking people to send the scammers a small amount of crypto to verify their wallet address.

These messages also claimed that those who participate in this promotion would get a return of 10 times the cryptocurrencies. As a result, the investors on Twitter ended up losing $40,840 in Bitcoin, $13,758 in Ether, and $42,457 in Dogecoin. The worst part about these types of cryptocurrency scams is it is very difficult for the authorities to recover the stolen funds.

Social Media Crypto Scams are on the Rise

Since the last few months, crypto scams are rising in number. A huge portion of these scammers target social media communities as an enormous number of users are present on these platforms. The biggest crypto scams have been racked on platforms like Twitter and Reddit. Since the last few months, the number of verified account hijacks has become more frequent on Twitter.

After the current crypto giveaway fiasco, Twitter officials have started to review their privacy policies and introducing better security protocols. On the other hand, it is also needed that investors are educated about such scams so that they refrain from taking part in such schemes. A huge profit margin and the freedom of not being found also give these scammers encouragement for conducting such fraudulent operations.