Confusion and anger flooded the cybersphere yesterday, as a result of a misleading tweet. The Twitter account that published the tweet had a verified blue badge and was made to look like it represented, Donald Trump, the president of the United States. The tweet promoted a cryptocurrency giveaway offer, which possibly caused thousands of people to fall for the scam before Twitter decided to remove the tweet from their platform.
Replying To Donald Trump With A Scam
The official account of Donald J. Trump, the president of the United States, tweeted about communication between the United States and Russia, yesterday. In the post, he explained that he felt it was unfair that Hilary Clinton had not faced the same degree of disapproval he did when he made contact with the Russians.
Just four hours after the post by the official Donald J. Trump (@realDonaldTrump) Twitter account, an account with the same name replied to the post. The account had the name Donald J. Trump, but the Twitter handle @JoeJoyce2.
The reply to the original Tweet by Donald Trump explained that a cryptocurrency giveaway had been launched. The Twitter account that published the reply came across to some as being the president of the U.S.A himself. In the Tweet, it was stated that “I” – referring to Donald Trump – am giving away 500 Bitcoins and 5,000 Ether.
Two links were shared, one for claiming ETH and the other for claiming BTC.
- To claim ETH, people had to go to clubeth.live
- To claim BTC, people had to go to clubbtc.live
Upon landing on these pages, the visitor was requested to send a small amount of either Bitcoin or Ethereum (depending on the page they visited) to a specific wallet address. Thereafter, a larger amount of cryptocurrency would be sent back to the person.
Soon after many people clicked on the links and sent crypto coins to these addresses, it became clear that this was not legit, and that it was an outright scam.
Twitter later removed the tweet from their platform. Nevertheless, thousands of people probably had already fallen victim to the scam. At the time of the misleading reply, the original tweet by the American president already had over 40,000 likes, 11,000 ReTweets, and more than 15,000 comments. The official Twitter account for Donald Trump also has more than 53 million followers. This means that millions of people were exposed to this reply.
Cryptocurrency Scams Are More Common Than We Might Think
This most recent scam in the crypto market brought to light just how common scams are in the cryptocurrency world.
One particular scam that recently affected over 28,000 people happened in South Africa. A company known as BTC Global promised that investments in their program would provide as much as 50% interest on a monthly basis. For many people, this was an opportunity not to be missed. Thus, thousands of people jumped at the opportunity and decided to invest, and fell victim to what turns out to be a scam.
BitCaw Trading, a somewhat popular company that assists with transactions related to Bitcoin, was mentioned in police reports investigating the BTC scam. BitCaw Trading later responded by assuring both the police and the public that they are in no way related to BTC Global or the scam that affected 28,000 people in the country, however.
Another report by The Next Web: Hard Fork explains that both India and China have also been the targets of cryptocurrency scams recently. The report suggests that instead of banning the use of these currencies, appropriate regulations can be put in place to help reduce the risk of scams, while still giving those who are interested in legit transactions the opportunity to utilize Bitcoin and other crypto coins.