September 26, 2022

The Good Ol’ Fake Crypto Giveaway Scam Still Generates Over $500K a Week, Report

3 min read

It seems that the old crypto free gift frauds are not as old and outdated as we however. People are still falling in 2021, feeding the fraudsters with big amounts of cash.

As hard as it might seem, there are still lots of people who think Elon Musk is going to provide cash if they send him Bitcoin (Spoiler Alert: He will not, no matter how abundant he is), and the gambit has been restored in the last couple of days, attracting unwary people non-stop.

Bleeping Computer and Metamask estimated that in about one week, fraudsters have actually received at least $587,000 from unwary innocents utilizing the old “send me X amount of crypto and I’ll double it” regimen.

The Good Ol’ Crypto Giveaway Scam is Still Profitable

In recent weeks, there have been bots impersonating or replying to verified Twitter accounts. These bots declare to have gotten money from terrific crypto stars such as the Winklevoss twins or Elon Musk and attach a link to a free gift that invites individuals to deposit money to a cryptocurrency address to instantly receive two times the quantity.

A few of the more popular addresses have gathered numerous thousand dollars, with one in specific, getting $400K in a matter of days.

Bitcoin address BTC Amount USD Equivalent 1cD2EEwxjVYqwP83Pah21PLnqD3PMJc6i 2.62081802$103,238.22
1CZA6v4XzPQmC599WmSvbvsu2r8UEUUbHi 0.44035153 $17,346.15
1MUSK1dQxb8UZeUUZrBMGofDaL3UeL97tW 0 0
1MusK1HoQi7ULXJdodirUsHiZfyN7z5puP 1.00200000 $39.470.38
1MUSK1Je69ucdgjgMrwHb7DR9YxgzEvSKQ 0.12708550 $5,006.10
15VnqLx6AC48wHyV86UnvTY4qYJV18gNfM 0 0
16ShxhEXxzFyyEFeRkNbJDEHb3zuvTdSuH 10.64921182 $419,489.49

But crypto fraudsters are not Bitcoin maximalists. They also accept Ethereum, although they have actually only made less than $3000 with this altcoin.

Ethereum address ETH Amount USD Equivalent 0xd2227F40458B8F1Bc2F2b07142541cDb792D3E12 2.21264498$2,705.95 0x12b1036Ed346381fcCcacAB8b02491Ff37f87D82 0.000603109967162 0.73 0x38a19CA0b320012b1AC6227e391C11C34A12131b 0 0 0xB5E8780f0f2328288FCa05bb5D77065FEC2eBcA2 0.002780000000006 3.37 Scammers generally go to
other platforms– like Twitch, Youtube or Facebook — to gather much more
victims. Ripple attempted to act against Youtube for enabling fraudsters to spread out phony videos as

paid advertisements. This initiative didn’t remove, and grumbles about frauds including Elon Musk or Ripple appear from time to time in video streaming platforms. Fraudsters Have Been Doing The Same For Quite Some Time This kind of scam is not new. In fact, it’s probably the best-known scam in the crypto-verse. They began to spread in late 2017 to early 2018, in the middle of the crypto boom. At that time, the scammers were impersonating the original crypto characters( like CZ, Charlie Lee, or Vitalik Buterin )and reacted to the official tweets. Users viewed the rely on as a tweet from the original account and rushed to send their funds. It was so irritable that a number of influencers altered their names to specify that they would never ever send funds to anyone.

Vitalik Buterin altered his Twitter name to combat frauds impersonating him This type of fraud peaked in 2020 when Crypto Twitter witnessed with stupefaction how the authorities and validated accounts of terrific personalities(like Elon Musk, Barack Obama, Joe Biden, or the main Apple Store)promoted crypto giveaways. In reality, a group of hackers gained access to Twitter’s” god mode,” being able to do basically whatever they desired … and with all that power, all they developed was a low-level Bitcoin fraud with earnings of around $120,000.

Thinking about that a basic photoshop task and a fake account have actually produced even much better results, perhaps doing the biggest hack in the history of social networks turned out to be a bit of an overkill if all they wanted was a couple of Bitcoin to fill their pockets.