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New scam campaign disguised as Bitcoin and Ethereum giveaways targets cryptocurrency users

New scam campaign disguised as Bitcoin and Ethereum giveaways targets cryptocurrency users
  • A new scam campaign disguised as cryptocurrency giveaway is underway that pretends to come from Tesla, Elon Musk, and John McAfee.
  • This scam claims that if a cryptocurrency user sends them between 0.05 to 5 Bitcoins or 0.5 to 50 Ethereum, the giveaway will send them up to ten times back.

What is the issue?

A new scam campaign disguised as cryptocurrency giveaway is underway that pretends to come from Tesla, Elon Musk, and John McAfee.

More details on the scam

A security researcher named Frost observed the re-emergence of the cryptocurrency giveaway scams. The researcher noted that these scams are being promoted on Twitter.

  • This scam claims that if a cryptocurrency user sends them between 0.05 to 5 Bitcoins or 0.5 to 50 Ethereum, the giveaway will send them up to ten times back.
  • The Twitter messages that promote this scam includes a link that redirects users to a fake Medium article page where they can learn more about the giveaway.
  • The fake Medium articles contain links, which upon clicking redirects users to the giveaway scam page.
  • The fake Medium article also includes fake comments stating positive reviews for the giveaway.

The scam page

The scam pages will show the list of transactions being sent to and from the cryptocurrency address as well as list how much cryptocurrency is left to giveaway.

  • The McAfee Ethereum giveaway scam has received 4 payments totaling 0.96 Ethereum (USD $310).
  • On the other hand, the Tesla Bitcoin giveaway scam has received approximately 0.418 bitcoins ( USD 4,473.60).

The bottom line

Such types of scams involving cryptocurrency have re-emerged and continue to grow as cryptocurrency prices keep rising this year. Therefore, security experts advise users to not take part in cryptocurrency giveaways.

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