The victims of a sophisticated Twitter bot scam are crypto enthusiasts. With the rise of popularity of cryptocurrency, early crypto developers became celebrities overnight. As a result, most witnessed a surge in the status of their social media profiles.That’s leading to some clever scams.
These scammers work by following the real accounts of renowned developers and other personalities and creating a replica of their profile. Well, for any smart person they would have to confirm the account, but the scam entails an extensive plan.
The scam is not entirely new. It borrows much of its concept from the Nigerian prince scam. The typical ‘give-me-money, and-I-will-double-it-for-you.’ How people still fall for this is mind-boggling, to say the least. In this case, the scammer insists on users sending him 0.3 to 0.7to his address and in return get three to seven ETH. But with the Twitter bots, there is a little twist that comes with the scam.
All the profiles commenting, retweeting and reacting to the tweets are fake profiles created by the scammer(s). There are multiple people commenting there how they received 10x ether within minutes and to add to visibility such tweets have hundreds of retweets and likes.
As of now the Twitter account of the scammer who impersonated Vitalik has been deleted, however, given the immutable nature of the blockchain – the transactions in the ledger will remain forever.
The fraudster’s wallet has received well over 40 ether just from the tweet. He withdrew the 30 ether he had made in the day and sent it to another address. These scammers usually have multiple wallets, and with the decentralized nature of the blockchain, it is hard to trace such culprits. He withdrew another 10 ETH to another purse presumably his crypto wallet.
It is a sad state of affair to have people getting scammed by simple modus operandi. While we might say, they deserve it because of their gullibility. Many were made to believe that you can invest in cryptocurrency and wake up a millionaire in a fortnight. There people gullible enough to fall for that lie and this is why the incidence of scams have been increasing since last year.