Bitcoin [BTC] Scams Rise Again Amid Rising US Presidential Elections Uncertainty

A fake Elon Musk on Twitter was seen pulling a crypto scam under the garb of celebrating the results of the US Presidential elections 2020. The tweet posted a link and asked the readers to visit the website in the link and donate bitcoin, and in return, they will get double the amount they have donated. This incident brought back memories of the recent Twitter Hack incident where similar scam posts were made from the accounts of some of the most prominent celebrities on Twitter.

The rise in popularity of crypto in recent times has also garnered the attention of scammers, who use various ways to lure gullible people to send them cryptocurrencies. One of the most common ways for scammers to lure people is through Twitter celebrity impersonation, where a verified account changes their profile to look like that of a famous celebrity and tweets a very generic message asking people to send cryptocurrency to an address and in return they would send double the amount.

These scams might seem too obvious to fall for, but in most cases, these scammers manage to take away anywhere from a few hundred to multi-thousand dollar worth of digital assets. Even in this case, the scammer managed to get away with $32,000 worth of Bitcoin.

Fake Celebrity Crypto Scams, a Growing Menace

Fake Twitter Celebrity crypto scams are on the rise as it has lower risks and high profits. While social media platforms have assured that they have put measures to avoid such activities, these scams keep on growing.

Law enforcement agencies as well as tech firms have been working towards addressing this issue, but more than anything awareness among the masses is important.

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Prashant Jha

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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