ETH giveaway scams have become one of the biggest problems on Twitter these days. One scammer revealed that Twitter users are so desperate to make profits, that they jump on any opportunity, which allows scammers to steal anywhere from $50k to $100k each and every day.
ETH Giveaway Scams Earn Scammers Up to $100k Per Day
Online scams are nothing new, and even their presence on social networks has been a well-established phenomenon. However, a recent wave of so-called “ETH giveaway scams” seems to be one of the most popular ones.
Adam Guerbuez, a well-known YouTuber, and a self-proclaimed crypto evangelist has run into one such scammer on Twitter itself. And while he wasn’t fooled by the scam like many others end up being, he still took the opportunity to do an entire interview with a said scammer. The conman seems to have been in a good mood, so he obliged. This allowed us to see directly how these scams work, and what is the scammers’ process when making profits off gullible Ethereum (ETH) investors.
Of course, it should be noted that the information received from the conman has not been verified, and should not be taken as 100% accurate. However, since it is coming directly from the mouth of a scammer, it is still a collection of more than a few interesting pieces of information. One such piece of information claims that scammers, like this interviewee, can often make anywhere from $50,000 and $100,000 within a single day.
Apart from being an outrageous amount of money, the process of obtaining it seems to be pretty simple. In fact, the scammer openly stated that the only part of the process that is nonautomated is the cashout, while nearly everything else is done by computer programs.
Verified Accounts Not Needed
When trying to scam people, it helps for them to think that you are someone who is trustworthy. Twitter has started a trend of verifying accounts of celebrities and other important individuals a long time ago, and they can usually be recognized by a blue checkmark next to their names. Until now, it was largely believed that scams usually don’t work when coming from unverified accounts, which is why everyone thought that those that are verified are the biggest targets of hackers and scammers.
However, Adam’s interviewee uncovered that this is actually not true. While the scammers originally shared this train of thought, it was proven that most of the hacked accounts usually get ‘killed’ within a very short period of time. This has caused the conmen to try the ETH giveaway scam from regular accounts too. Surprisingly enough, it worked like a charm, and the scammers don’t even bother with verified accounts anymore.
According to the scammer, the ‘mooches’ (scam victims) are willing to send their coins to pretty much anyone, as long as they believe that it could pay off.
One theory regarding why this is not only possible but even easy is that a lot of crypto holders do not consider cryptos to be real money. While they are still aware of the fact that they do pay real money to get digital coins, that doesn’t stop them from being much more reckless with it.
As for Twitter, it would seem that the platform is well aware of the issue, and is supposedly hunting down scammers’ accounts, and shutting them down. Some reports claim that over a million of them are being shut down on a daily basis. However, it would seem that these efforts are proving to be fruitless. Until a better solution is found, all crypto holders are advised to watch out for giveaway scam, as well as other deals that seem too good to be true.