Scammers are using Twitter to trick crypto holders

Twitter has seen a considerable increase in crypto scammers in recent weeks.

Popular crypto accounts on Twitter are plagued with fake scams designed to defraud other users out of their cryptocurrency.

The comments section of John McAfee‘s posts is littered with comments from fraudsters, posting comments with fake accounts.

As users have started to become wise to the con, the fraudsters have become more sophisticated in their tactics.

They are now obtaining Twitter-verified accounts and posing as well known crypto proponents such as Tron founder, Justin Sun.

This new turn of events is undoubtedly troubling as they are using accounts that are somehow verified by the social media company itself.

According to a report from BuzzFeed, the scammers created fake accounts that mimicked the profiles of the Tron Foundation and founder Justin Sun.

One of the fake verified profiles, @TronFoundationl, copied the real Tron Foundation’s Twitter account information word for word.

It even went as far as duplicating original account’s pinned tweet, that warned users to beware of imposter accounts.

The scam

The accounts defraud users by posting links to a cryptocurrency wallet and soliciting donations in Ethereum.

The fraudsters usually pretend to be the account holder who posted the original tweets claim to be holding a “giveaway.”

They promise to send 4 to 10 ether back to the first 200 users that send “contributions” to the given wallet address.

It seems as though previous attempts to defraud other users have now escalated.

Before, scammers just created their fraudulent accounts, copied from well-known people in the cryptocurrency world.

Several fraudulent accounts have somehow managed to maintain their blue verification badges next to the account’s handle.

Twitter rules stipulate that accounts should lose their verified status when they change their names, although these accounts are bypassing that.

A spokesperson for Twitter said in a statement:

“If an account changes its username, it should lose its verified status.

“Any instance of this not occurring is an error.”

The issue has now become so widespread that it even drew the attention of founder Jack Dorsey.

Dorsey publicly commented on Monday that Twitter has “discovered this and are fixing the process.”