Elon Musk Addresses on Twitter Cryptocurrency Scams

News / 04.02.2020

Elon Musk, the chief executive of Tesla and SpaceX, got tired of online cryptocurrency scams. On the 1st of February, Musk warned his Twitter followers of cryptocurrency scams which are attaining new levels each day.

Scammers involving non-digital currency scams hijack Twitter accounts with an official ‘verified’ seal, and then change usernames to look like renowned individuals’ names in the tech space. These scammers then manipulateTwitter users to send them bitcoins to spurious accounts.

How Some Cryptocurrency Scams Occurs and How to Avoid them

Cryptocurrency scammers pretend to be wealthy people, such as Musk, and feign to gift free Bitcoins. However, for you to receive the free Bitcoins, they require you first to send a  small amount of cryptocurrency to verify the wallet address. When you send your bitcoins to the scammers, you never receive the free bitcoins.

However, Musk offered a solution to the cryptocurrency fraud problem. He encouraged his followers to report scammers instantly.

Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.