Crypto Hackers Cheat Twitter Users Using Elon Musk's Popularity

Clothes retailer Matalan appeared to have had its Twitter account targeted today by scammers

Generally, the scammers will hack a verified account, change the display name to "Elon Musk", copy his profile photo, and then tweet about a fake cryptocurrency giveaway.

The scam used Twitter's "Promoted Tweets" feature to spread links to Bitcoin wallets where users were asked to send small amounts of Bitcoin in order to enter a fake Bitcoin giveaway said to have been set up by Musk - of course Musk had created no such giveaway and users did not receive any Bitcoin once they had parted with their money.

The main reason that people are falling for this scam is due to the fake accounts used to promote it have blue ticks next to their Twitter name, hooking in the gullible. A closer look at the user's Twitter handle will reveal the account doesn't belong to Elon Musk, it's an imposter looking to capitalise on the crypto craze.

Another day on Twitter, another Elon Musk cryptocurrency giveaway scam.

The tweets have been saying that Tesla Founder is giving away 10,000 Bitcoins to the community and all you have to do is send Musk between 0.1 to 2 Bitcoins to confirm your account.

The bitcoin wallets associated with the scam suggest the campaign has been successful for the attackers, with nearly 400 users contributing a combined total of 28 bitcoin to the cryptocurrency wallets - now the equivalent of £137,000 ($180,000).

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On Monday, the film studio Pathe UK's Twitter account was hacked and used for fake Elon Musk cryptocurrency scams. The message, situated above the QR code and Bitcoin address, was presumably recognizable to astute crypto investors/savants, as it claimed that Musk would return 10x on the victim's "investment" - obviously a too good to be true opportunity.

A spokesman for Twitter said the company did not comment on individual accounts but added: "Impersonating another individual to deceive users is a clear violation of the Twitter rules".

The scam is made to seem more trustworthy as various other compromised accounts reply to the tweet claiming that it works. After hacking a verified account, the scammers have successfully "promoted" their tweets using Twitter's ad service, effectively forcing their way into timelines of everyday users.

However, it seems like the problem continues to malign Twitter accounts.

Recently, however, these scams have ventured outside of Musk's mentions and into timelines. This is a significant improvement on previous action rates...

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