Celebrity Crypto Giveaway Scam

Don’t fall for the fake accounts claiming that they are giving away free crypto.

Introduction

The celebrity crypto giveaway scam is a type of scam in which the victim is led to believe that a famous person is giving away free crypto. If the victim falls for the scam, the victim will be asked to send a portion of crypto to cover the fees or to prove the ownership of the wallet. The sent assets will never be returned and the promised free crypto will never be sent.

Celebrity Crypto Giveaway Scam
Elon Musk Ethereum giveaway scam.

Scam type

Social engineering.

Purpose

The purpose of the celebrity crypto giveaway scam is to obtain crypto from the users interested in receiving free crypto from celebrities.

Attacker

The attacker is impersonating one of the celebrities associated with crypto. The majority of these scams are focused on the cult following of Elon Musk, Jack Dorsey, and Vitalik Buterin. The attacker creates a fake Twitter account with the same profile photo as the person he is impersonating. The attacker promises to give away free crypto to the users who will first send a portion of their crypto to the attacker. Once the attacker receives crypto from the victim, the attacker has full control of the assets and never sends any crypto back to the victims.

Victim

The potential victims of the celebrity crypto giveaway scams are users interested in receiving free crypto from the celebrities that they follow online. Most of the scams are happening on Twitter.

How does the celebrity crypto giveaway scam work?

In order for the attacker to succeed, the user has to take the following actions:

  • The user has to see the fake tweet fabricated by the attacker.
  • The user has to send his crypto to the attacker’s wallet in hopes of receving more crypto back from the attacker. If the user send his crypto to the attacker, the user becomes a victim.
  • All of the victim’s sent assets are seized by the attacker and never returned to the victim.

How to protect yourself?

The first thing in protecting yourself is to remember the golden rule: nothing is ever free. Ask yourself, why would a super-busy person like Elon Musk waste his time and money on giving away free crypto to random Twitter users? If it sounds too good to be true, it probably is.

For maximum protection:

  • Double-check the source of the information. In the screenshot above, you can see that the Twitter handle of the account is actually @alon_musk, and not @elonmusk. It is obvous that this is coming from a fake account.
  • Consider storing your crypto in a hardware wallet.
  • Never send your crypto to anyone. If sombody is offerng you free crypto they are trying to scam you.

Stay safe out there.

Written by Scam Buster

A cryptocurrency investor and a journalist by day, Scam Buster spends most of the daytime refreshing his portfolio and taking coffee breaks. By night, however, he sheds all pretense and takes to the shadowy URLs of the Internet, busting scammers wherever he goes.

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