Elon Musk Talks About Crypto Scams on Twitter

News / 04.02.2020

Elon Musk is tired of online cryptocurrency scams. Musk, the chief executive of Tesla and SpaceX warned his followers in a tweet on February 1. According to him, the cryptocurrency scams on Twitter have attained new levels.

It seems Musk finds the cryptocurrency-related scams irritating and it’s for a good reason. Scammers that involve in digital currency scams used to hijack Twitter accounts having an official “verified” seal and then change the usernames to look like the names of notable individuals in the tech space.

They have used the names of Musk and Vitalik Buterin, the joint creator of Ethereum. The scammers then manipulate Twitter users to send Bitcoin to fake technology celebrities and other spurious accounts.

Many of the cryptocurrency scams utilize a similar approach. The scammers pretend to be a wealthy individual such as Musk and claim to give away free Bitcoin. They require users to first send a small amount of cryptocurrency for the verification of their wallet address. The participants are promised a huge sum of Bitcoin in return.

Musk offered a solution to the growing problem. He encouraged his followers to instantly report scammers. He continued as follows:

 

Featured Image Courtesy of GettyImages. Source: Cryptopress.

 

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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.