A NEW cryptocurrency Twitter scam has prompted warnings after technology entrepreneurs’ Twitter accounts were targeted by scammers to swindle tens of thousands of pounds a day in ethereum, bitcoin and other cryptocurrencies.
The scam has targeted high-profile Twitter users, such as Elon Musk, the SpaceX founder, and using them to ask followers to send a small amount of cryptocurrency in exchange for a larger return at a later date.
Fake Twitter accounts have struck hundreds of times over the last two months, according to Sky News and blockchain intelligence firm Chainalysis.
As much as £50,000 a day has been stolen by scammers before using a range of exchanges to convert the proceeds into cash.
The impersonators’ accounts can seem legitimate at first, but on closer inspection, they are sent from accounts with slight variations in the celebrities’ Twitter handles – such as @elounmussk, instead of @elonmusk.
Cryptocurrency twitter scam impersonates high-profile Twitter accounts
We can observe people sending ether to that scam address but, of course, we don’t see any being returned
Twitter is taking steps to reduce the amount of cryptocurrency scams on its platform. In recent weeks, a number of scammers on Twitter have impersonated Ethereum co-founder Vitalik Buterin, Elon Musk, or John McAfee. They’ll use deceptive tactics like a slight misspelling of a username or use the same or similar avatar of the verified account, and tell followers to send them a small amount of currency to receive a bigger amount back.
Twitter Inc. is attempting to halt alleged cryptocurrency twitter scam spreading via its platform, joining fellow social media companies in striving to cut down on harmful content.
Twitter is aware of cryptocurrency-related “manipulation,” and is implementing measures to “prevent these types of accounts from engaging with others in a deceptive manner,” a spokesman told Bloomberg, declining to elaborate further.
Facebook Inc. recently banned ads tied to cryptocurrencies, initial coin offerings and binary options, saying they were associated with misleading and deceptive practices. However cryptocurrency ads have still found their way onto Facebook.