Twitter Scam Alert: Elon Musk Impersonators Target Users in Bitcoin Scheme
Background
Scammers have once again taken to Twitter to impersonate the popular celebrity, Elon Musk, in an attempt to lure unsuspecting individuals into investing in a fraudulent Bitcoin scheme. This latest scam has raised concerns about the vulnerability of verified accounts on the social media platform, with even verified users such as US lawmakers Frank Pallone and Brenda Lawrence falling victim to the scam.
The Scam
The scammers behind this scheme managed to hijack verified accounts and change the display name to ‘Elon Musk,’ using a slight variation in the spelling to evade detection. They then proceeded to post a tweet claiming to give away 10,000 Bitcoic (BTC) to the community, urging users to send a certain amount of BTC to a specified address in order to receive a larger sum in return.
According to reports, over 400 individuals have already sent virtual currency to the scammers’ address, resulting in losses of approximately $180,000. However, it is worth noting that scammers often inflate their wallets with funds to make the giveaway appear more legitimate.
Twitter’s Response
This incident has once again brought into question Twitter’s ability to combat fraud on its platform. While enabling two-factor authentication could have prevented some of these account takeovers, experts argue that the ability to change verified account display names should have raised red flags.
Paul Bischoff, privacy advocate at Comparitech, highlighted the flaws in Twitter’s verified account system, noting that the ability to change display names should immediately revoke verified status. This oversight has allowed scammers to exploit the credibility associated with verified accounts for fraudulent purposes.
Twitter’s Crackdown on Cryptocurrency Advertising
Earlier reports suggested that Twitter was considering a ban on most cryptocurrency advertising to address the growing prevalence of fraud on the platform. This move aims to protect users from falling victim to scams and fraudulent schemes promoted through sponsored content.
In conclusion, the recent Elon Musk impersonation scam serves as a stark reminder of the risks associated with online platforms and the importance of exercising caution when engaging with cryptocurrency-related promotions on social media.