The Twitter account of a corporate magnate has been violated and has started to promise Bitcoin and Ethereum for its 22.5 million followers.
Elon Musk, CEO and co-founder of Tesla, became a victim of growing hacking incidents on Twitter – for the second time. While the tycoon was busy tweeting philosophical tweets, his imitator with a verified Twitter account joined the wire line and began offering advice for cryptocurrency. The false moss built on the promise of true Musk to "take [Tesla] private", stating that the planned reorganization will see the addition of Bitcoin and Ethereum payment methods as "one step forward".
The extension to that the false news spread could not be verified. However, some users did not believe it, and one of them accused Musk of stealing from people. While others have also questioned the way a fake Musk was able to get a status verified by Twitter.
Twitter has recently emerged as an outbreak for fraudulent account practices. The stories of many high-profile cryptocurrency celebrities, including the co-founder of Ethereum, Vitalik Buterin and computer security expert John McAfee, have been imitated by hackers – with a state verified by Twitter.
 Musk himself was a victim of the hack identity already. In February, a fake Elon Musk profile on Twitter announced that it was distributing 400 ETHs to fans.
Twitter has ensured that its users have better defense frameworks to safeguard profiles. Excerpt from his statement in The Verge:
"We are aware of this form of manipulation and are proactively implementing a series of signals to prevent these types of accounts from engaging with others in a deceptive manner."
Yet many false profiles remain, showing that it is a difficult task to govern.
The Anatomy of "Free Cryptocurrency" Scam
As of now, there are hundreds of fake Twitter accounts that promise to send free cryptocurrencies to victims. Sky News in February reported that a Twitter-based scam subtracted up to £ 50,000 in one day. And such cases are on the rise.
The trick to attracting victims is stupidly simple. Hackers impersonate high-profile accounts and invite victims to send some amount of cryptocurrency units to their wallet address. In return, these hackers promise high returns later. These tricks have worked so well in the past that it has moved legitimate personalities to issue a clarification to their followers. Vitalik Buterin even changed the name of his Twitter profile, stating that it does not provide free Ether.
The only defense that a Twitter user can apply to safeguard himself is to doubt the profiles that promise free cryptocurrencies – even if they are verified.  Featured image of the Flickr / TED Conference.
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