Fake Twitter Accounts and Scam Giveaways – A Problem for Crypto?

Fake Crypto Twitter Accounts

If you’re in the crypto sphere on Twitter, then you’re probably aware of the multitude of fake crypto Twitter accounts that are spamming scam giveaways. Like an annoying mosquito, these tweets just keep on coming – so, how much of a problem is it really?

Almost all of the big honchos of crypto have had their accounts imitated – from crypto founders to crypto exchanges – and for some of the names, it’s hard to spot the difference between real and fake (i.e. @SatoshiLite – real – vs. @SatoshliLite – fake).

The fake accounts then start posting and replying to tweets that if you send them a small amount of crypto (ETH, LTC, etc.), they’ll send you back an even larger amount – which is, of course, a scam!

Fake Crypto Twitter Accounts
An example of a scam (don’t go to the link)

The positive replies to tweets like this, that the giveaway worked, reek of bot talk – so don’t fall for that either.

The spread of these scams has gotten so abundant that some people in the crypto world are going as far as changing their Twitter names. Ethereum’s co-founder Vitalik Buterin is now Vitalik “Not giving away ETH” Buterin (@VitalikButerin).

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Many legit accounts have tweeted warnings about the scams, such as Binance’s tweet below.

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It’s difficult to say how many people actually fall for fake crypto Twitter accounts or scams like this. While some scams are obvious, others might be harder to sniff out. Bots make this extra difficult because it can sometimes look as though a real person, not attached to the project, is promoting something when in actuality it’s a bot that may or may not be, linked to the project.

I guess the moral of this sordid tale is that if someone offers you crypto in exchange for crypto, your red flag should be flying high.

But you’re not in this alone! One helpful Twitter user, @djbooth007, started a scam alert Twitter account. The account, @thatsascam, uses bot tech (for the power of good) to crawl tweets and respond to sketchy offers with a message like the one below.

Perhaps more annoying than potent, these fake crypto Twitter accounts and scam giveaways need to stop, regardless of how many people fall for them. Let’s work together to make that happen!

Do you agree?

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Featured image: geralt via Pixabay

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