Scammers exploit the potential of the Social Network Twitter to steal money from crypto investors. They are becoming very creative when soliciting funds from innocent and naïve users. 

Previously, people were not serious about Twitter scammers.  However, trends are changing these days.  Recently, scammers have targeted the identities of famous celebrities to promote their promises of giving away attractive cryptocurrency in schemes.  Since these schemes are posed as being promoted by celebrities a lot of prospective inspectors who are the naïve, respond to these Ponzi schemes and intelligent tricks.

The recent crypto scams have affected the portfolio of several celebrities. Particularly the Elon Musk scam and 10,000 Bitcoin give away is very famous.

Elon did not have a good experience with the Securities and Exchange Commission concerning the Tesla shares.  For those who are uninitiated to the Tesla Issue, the issue goes like this.  Musk is said to have committed a fraud when he stated that he had secured the funds required to take Tesla Private. In response to the news, the shares of Tesla went up by 5% because investors believed that the company could become profitable in a sustainable way.  This was a wrong assurance to the investors. This move was a fraud and Tesla either denied or accepted the allegation.

Eventually, Musk was supposed to step down from being the Chairman of Tesla, after duly appointing 2 directors in his place, according to a joint letter from SEC and Musk.  The deal required Musk to pay a $20 million in fine.  One of the directors had to be Outside of Tesla and affiliates. Musk continues to run the company still though.

Following this, he has been trapped in the Elon Musk Twitter scam issue.

The next in the line was the hacking of an official Google account on Twitter. This was the Official G suite account. The hack of the G Suite account is currently being investigated.

Another prey to the scammers was the retail giant, Target. Beware, anything too good is not true.

All of these accounts are being closely investigated to identify the scheme behind the hackers.

For those crypto investors who are new to the world of crypto, these scams are dangerous, because hackers are targeting these innocent investors who do not have an idea about how the entire crypto space works.

Previously, fake Twitter accounts of celebrities and politicians were created. So, anytime you come across massive give away you need to be alert.  Massive give away schemes are mostly schemes.  From a practical perspective, companies do not give away anything’s for nothing, out of the sustainability principle.