The number of crypto community members on the social media platform Twitter is in the millions. The most important thing to note about crypto influencers is that it has an infinite global reach. Many fake accounts are running on a social media platform as they are used for viral marketing and other things. These days, people hear news about Bitcoin and other cryptocurrencies, and they want to get started.
It seems that hackers take advantage of the vulnerability of non-technical people and use social media platforms to lure them into a scam. In the past, verified Twitter accounts of US President Barack Obama, Microsoft Corporation, Bill Gates, and other similar personalities were hacked. The scammers also use posing techniques to give people the impression that these crypto scams are a legitimate investing opportunity.
Scammers are throwing Crypto Give Away Party on behalf of Elon Musk
Ever since Tesla Inc. CEO Elon Musk has invested in Bitcoin, his name has become synonymous with crypto promotion and advocacy. There has been more than one incident where the hackers have posed as Elon Musk and asked people to take part in a crypto giveaway party. Some hackers took control of a random verified Twitter account and changed the name to Elon Musk.
With the posing account, they responded to a tweet from Musk’s official account, making it seem like that it was originated from the SpaceX CEO himself. The massive Twitter following of Elon Musk had no reason to ignore or doubt this source. The posing tweet redirected the users to a website that asked them to share their digital wallet address and send altcoins. These scammers managed to get away with $587,000 worth of Bitcoin.
Social Media Crypto Scams Becoming more Popular as Bitcoin is Gaining more Popularity
Some hackers started posting photo-shopped pictures of Elon Musk’s account, giving away free Bitcoin and Ethereum. These fake pictures were posted in bulk with the help of bots that made them quite popular.
The scammers managed to rake in $180,000 using these tactics. It should be noted that all such free giveaway schemes are fake, and no such person would ask anyone to share their personal information or money. Most people who are swayed by these fake accounts and postings are not carefully considering the facts. It is important to do some research and understand the dynamics of any crypto scheme first.