Twitter has been plagued by the “Ethereum Giveaway Scam”. From Vitalik Buterin to Elon Musk almost every Twitter cryptocurrency/technology influencer has fallen victim to the scam. The scam has gotten so out of hand, that some of the members from Crypto Twitter call the scam as “Cancer of Twitter”.

How does the Scam Work?

The scam starts by commenting on the latest tweet by the influencer. The commenter’s account looks exactly the same as the influencer’s account but with a different username. The comment usually contains the following text “In order to celebrate [XYZ] we are giving 10,000 ETH. Just send 0.5-2 ETH to this address …. and we will send you 100 ETH”. This comment is then followed by many commenters claiming that they have received the ETH.

The sheer vastness of the scam led YouTuber Adam Guerbeuz to seek out the scammers in the hope of interviewing one of them. He started by sending messages to all these scam accounts, in the hope that one of them would reply. And one of the scammers eventually did.

In the exclusive interview, the scammer revealed some interesting secrets. And we are sharing some of the most fascinating ones. If you would like to read the full interview, you can visit the official post by Adam Guerbeuz.

“Mooches” is the term used internally by the scammers to refer the people who got scammed. On an average, the scammers earn around 100-200 ETH. Login credentials of verified and highly popular accounts are usually stolen and sold on the dark web. People who get scammed do not report to authorities. The ETH is moved to smaller exchanges and DEX to avoid being caught, everything is automated. Most of the algorithm changes Twitter is bringing, has no effect to these bots account. Most of the scammers are active traders and trade heavily on high liquidity coins.

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Get the latest news on Blockchain only on Blockmanity.com. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better