In recent months, Twitter has been run rampant with cryptocurrency giveaway scams, where would-be cyber criminals pose as public figures or brands, in an attempt to dupe unsuspecting crypto investors on Twitter into sending a small amount of a specific cryptocurrency, in hopes of having a larger sum returned to them.
Imposters have falsely represented themselves as everyone from Binance CEO Changpeng Zhao to Ethereum founder Vitalik Buterin – to the point where these well-known industry figures have had to resort to adding “not giving away crypto” to their public Twitter names in hopes of sabotaging the scammers scheme.
Even Twitter has responded in regards to these widespread scams taking place on the social media platform, saying the company was “on it”, however the situation has only gotten worse. Now, even official Twitter accounts have become targets for hacks, with cryptocurrency Vertcoin’s official Twitter account having been compromised and used to launch one of these Twitter crypto giveaways scams.
On May 1, the official Vertcoin Twitter account tweeted that it was “pleased to announce” a giveaway of 10 BTC to celebrate Vertcoin’s success. To enter, users needed to send a small amount of bitcoin – 0.005 BTC – to an account in order to be entered into the giveaway.
There are some obvious red flags, first of which is that Vertcoin is giving away BTC instead of VTC. Secondly, Vertcoin’s lead developer James Lovejoy tweeted about the account being compromised. Despite the red flags, the fact that the account is indeed Vertcoin’s official account, and the fact that it is a Twitter verified account denoted by the famed blue checkmark, users still got caught up in the scam and sent bitcoin to the scammers.
Vertcoin’s team reached out to Twitter, and were able to take back control of the Twitter account, and have since deleted the false giveaway tweet – but not before some unsuspecting Twitter users were scammed.
When it comes to crypto giveaways on Twitter, it is best to stay extra diligent or avoid them at all costs. If it sounds too good to be true, it probably is.