Cryptocurrency scammers are taking extreme steps to swindle unsuspecting investors.
A fake cryptocurrency giveaway from MicroStrategy CEO Michael J. Saylor is currently being circulated on Twitter from the official Twitter account of Nigerian Business Day, with 89K followers. It seems that Nigerian Business Day has been compromised.
The hackers claim that Saylor wants to give away 5,000 Bitcoin (BTC) and 50,000 Ethereum (ETH) on a first-come-first-serve basis.
“MicroStrategy CEO Giving Away 5,000 BTC & 50,000 ETH! First come, first serve http://MicroStrategy-CEO.io. You can only apply once,” the tweet reads.
The compromised account is replying to top crypto influencers and exchanges tweets.
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Details of the Scam
Looking at the website, one would think the giveaway is genuine. However, a closer look at the platform would expose the website as a scam.
The hackers noted that interested beneficiaries should send between 0.1 and 20 BTC to a Bitcoin address to receive double any amount sent. Similarly, interested participants who would prefer Ethereum are asked to send between 0.5 and 200 ETH to an address to participate in the giveaway.
In return, the scammers promised to double any amount sent to the Bitcoin and Ethereum addresses of the users who made the transaction.
“To participate you just need to send from (0.1 BTC to 20 BTC) or (0.5 ETH to 200 ETH) to the contribution address and we will immediately send you back (0.2 BTC to 40 BTC) or (1 ETH to 400 ETH) (x2) to the address you sent it from,” an excerpt of the page reads.
Despite publishing a series of transaction details to and from the Ethereum and Bitcoin wallets, a look at the blockchain data showed that the Bitcoin address has not recorded any transaction.
However, the same cannot be said for the Ethereum address, as the wallet has received only 0.06ETH worth $103.98, at the current exchange rate.
Spike in Hackers’ Activities
The unfortunate development marks a massive spike in hackers’ activities on Twitter. These scammers are impersonating top cryptocurrency players, including Binance CZ and Ethereum’s Vitalik Buterin to defraud unsuspecting investors.
It is not surprising to see scammers impersonate Saylor given the fact that he has been a major investor and influencer of Bitcoin.