Economy

Scam Me Once: Twitter Promotes Fake Elon Musk's 'Bitcoic' Giveaway

Scam Me Once: Twitter Promotes Fake Elon Musk's 'Bitcoic' Giveaway

The scammers compromised these verified accounts and changed the display name to "Elon Musk" in a bid to abuse the trust of other Twitter users.

On Monday, the film studio Pathe UK's Twitter account was hacked and used for fake Elon Musk cryptocurrency scams.

By press time, the promotional tweet (which are paid for in an effort to reach a wider audience) had been removed, along with the profile image and name on the @pallonefornj account.

To add greater legitimacy to the account, the scammers would show up in Musk's mentions, acting as if it was Musk who was Tweeting.

Several other verified accounts, which were also taken under the scam artists' control, appear in the tweet's comments to claim that they have received Bitcoin from Mr Musk.

In addition to this, another tweet was posted which stated that Elon Musk is no more associated with the company and to mark the occasion he has planned a cryptocurrency giveaway, which of course is fake.

The account handle itself is also incorrect - a legitimate tweet from Elon Musk would read @elonmusk beside the blue tick.

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A further message then asks users to send anywhere between 0.1 and 2 BTC to a payment address below to receive from 1 to 20 BTC in return.

Numerous scam tweets still contained the trademark of classic scams, odd grammatical structures, typos, and a request for money from the users before they can receive money themselves.

Numerous account holders have since taken back control of their twitter accounts and have deleted the scam tweets. These included verified accounts of blogger Sarah Scoop, Swansea City AFC Ladies and boxer Rayton Okwiri.

Twitter doesn't enforce two-factor authentication (2FA) on verified accounts, but recommends it as a precaution for users. Several verified accounts, including those of a prominent UK-based film production firm and a US-based politician have been hacked.

Scammers are back on Twitter impersonating their favorite celebrity, Elon Musk, in a bid to convince people to invest in their phony Bitcoin scheme. And, just a few weeks ago, he found himself temporarily silenced on the platform for tweeting, "Wanna buy some bitcoin?", with Twitter believing his account to have been hacked.

Now the scam has become more nuanced as it uses Twitter's own verification to make it more convincing.

"We are proactively tackling so-called cryptocurrency scams on the platform".


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