Scammers Use Verified Twitter Accounts to Defraud Crypto Holders

Twitter Scammers Use Verified Accounts to Scam Crypto Holders

0 2,023
  • Scammers use twitter verified accounts to scam crypto holders.
  • Most of these accounts are actually fake

Twitter: As the value of cryptocurrency continues to rise, and the cost of crypto mining becomes expensive and unaffordable to some. Fraudulent people turned to hacking wallets and scamming unsuspecting investors on social media.  Scammers seeking to scam inexperienced and unsuspecting crypto holders on Twitter have turned a new and troubling ploy, which is making use of twitter accounts that have been verified by the social media company itself.

According to a report from BuzzFeed, a fraudulent case that was reported last week revealed that scammers had moved to create twitter accounts that mirrors that of the Tron Foundation and its founder, Justin Sun. The report revealed that one of the fake verified twitter accounts in question, @TronFoundationl, copied the real Tron Foundation’s Twitter content and even went as far as duplicating its pinned tweet, which warned users to beware of imposter accounts.

Also read: In Order To Solve Cryptocurrency Volatility, Havven Secures $25 Million

This fake Twitter account defrauded crypto holders by posting a link to a digital wallet and soliciting donations in Ether, with a promise to send back 4 to 10 Ether to the first 200 persons that make “contributions.” Actually, this move seems to be an escalation of earlier attempts to defraud Twitter users, in which case, scammers simply created their own fraudulent accounts in a way to mimic developers and other notable people in the cryptocurrency world.

Though Twitter rules authorized that accounts holders lose their verified status when they change their names, however, a number of fraudulent accounts have been able to maintain their verification badges – a blue check mark in a badge next to the account’s handle. A twitter spokesperson said:

“If an account changes its username, it should lose its verified status. Any instance of this not occurring is an error.”

The issue has drawn the attention of Twitter main founder Jack Dorsey, who publicly stated on Monday that “we discovered this and are fixing the process.”

This latest development has alerted most crypto holders on twitter to be aware that not all verified twitter accounts are owned by verified trustworthy users.

Have you been a victim of such scam? Share your experience in the comment box.

Join Our Telegram Channel is a popular news resource devoted to cryptocurrencies, blockchain and new technologies. If you have breaking news, suggestions, story tip or interesting ideas to send to our journalists? Please write to us at [email protected]

You might also like