As more and more people enters the crypto market, scammers try to take some profits from it. Instead of investing their time in producing something productive for the cryptocurrency environment, they only destroy it. Twitter is one of the favourite places for these scammers to attack. Let’s see what they do and how to avoid it.

Scams in Social Networks

New and old cryptocurrency enthusiasts are using social networks in order to be informed about news, information and the cryptocurrency environment. There are several accounts that the cryptocurrency community follows. For example, Charlie Lee, John McAfee, Ripple, Kraken, Binance, Litecoin Foundation and many others.

These accounts are from cryptocurrency leaders / creators, crypto exchanges and experts. All of them are starting to suffer from scammers. In general, all of these accounts have several followers. Due to the fact that these are required accounts, scammers are ready to take profit from it.

How Does it Work?

These scammers wait for the moment in which these accounts comment something on Twitter. Once this happens, scammers have prepared fake accounts that try to imitate the original account. That is, they have pre-created accounts that are very similar to those of the cryptocurrency leaders.

For example, Ripple can be found as @Ripple. Once they tweet something, a fake account answers to their Tweet. The fake account has the same profile picture as @Ripple and a similar name, in this case @riqq_le_. The fake account writes that they are offering 5 ETH (or similar) to these users that send 0.5 to 5 ETH (or similar) to a specific account.

The same happens with other accounts, for example, Binance, an important cryptocurrency exchange. The same strategy is used. And in general, after commenting with the fake “promotion,” a group of trolls keeps confusing people saying that they have received an important amount of ETH / BTC or other cryptocurrency back.

How to Avoid It?

If you have read all the article, then you know that you do not need to trust these “magic promotions” that will give you back more than what you give to them.

If people would be so intelligent to create money from thin air, then it will be possible to do it, but there are not altruistic people as these ones. (Just a few similar projects as the Pineapple Fund)

Avoid fake accounts, try to check two times if you see that there is a promotion that may be suspicious. Try to confirm that the account is legitimate by checking the followers it has, and the comments made before.

If you are already aware about it, then the best what you can do is report these fake accounts. Explain the situation and Twitter will block them and ban them. It has already happened that many users lost their funds because of these scams.

If you know other similar scam, don’t forget to comment about it.

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