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Cryptocurrency Giveaway Scam Still Persists On Twitter, Says Elon Musk

For the second time, Elon Musk has taken to his Twitter handle to raise awareness about the continued scam in social media sites, especially Twitter.

Musk made this statement after a screenshot of yet another giveaway scam posted on Twitter by Billy Markus, the Dogecoin co-founder. The Tesla boss showed his concerns about the issue becoming rampant on Twitter with little effort being made toward arresting the incident.

He also acknowledged that the management of Twitter are doing their best to fix the problem all without success, and it seems the trend will continue until the perfect solution is discovered.

Why It Matters To Musk

The billionaire, on his part, has been struggling with the antics of scammers for quite some time now. In 2018, before Musk became a regular contributor to the cryptocurrency industry via his support for Dogecoin, he had attracted attention to Ethereum’s spambot when scammers were trying to undermine the integrity of the Ethereum blockchain network through constant spamming of unsuspecting people.

A top venture capitalist, Paul Graham, also aired his opinion on the issue of scammers and believes that it will be somehow difficult for Twitter to detect and handle spam going by the way scammers are constantly changing their way of doing things.

In October 2021, Musk mocked them using Dogecoin in an apparent swipe at scammers in one of his numerous tweets. The Tesla CEO use their mode of operation to get to them because scammers, more often, promise to double any amount of money sent to them by unsuspecting victims. And Musk uses their tactics against them by offering them way less than they promise their victims.

Moreover, Dogecoin co-founder also weighs in with his view by saying the crypto industry promises no one about high profit, but scammers do. So scammers use other people’s risks to pay for some people’s gains.

The Growing List Of Targets

Notable personalities have had their fair share of being at the receiving end of scammers. Bill Gates, Kim Kardashian, Elon Musk and other influential people were the focal point of Bitcoin scammers in July 2020. The scamming incident turns out to be the largest hack on Twitter to date.

The data released by the Federal Trade Commission in 2021 revealed that cryptocurrency scammers disguised as Elon Musk successfully scammed their victims, amounting to $2 million.

However, it appears that virtually all social media platforms are grappling with the activities of crypto scammers. There are many Facebook and Instagram pages created to impersonate Elon Musk, and they still exist today. Even Youtube is not left out. Scammers hacked YouTube to create a live video streaming showing fake Bitcoin giveaway video footage featuring Elon Musk.

The extent to which the scammers can go to continue cheating unsuspecting individuals is better imagined, despite efforts to curb their activities.

Scamming people by cryptocurrency scammers and creating social media accounts to impersonate prominent personalities is not going to end soon.

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