Scammers Are Hosting Fake Giveaways on Facebook With The Goal of Stealing Bitcoin

Written by Nitish Singh
Last updated June 19, 2021

Cryptocurrency scams on Facebook are on the rise with a number of scammers creating fake accounts to impersonate popular companies. These fake pages are hosting ‘giveaways’ that promise a large amount of Bitcoin, but to be eligible to enter, users need to deposit a small amount of the cryptocurrency to 'have their address verified'. The affected companies are actively reporting all scam-related comments, but they may appear in other pages as well, so users have been advised to proceed with caution.

Companies like Bitmain and The Verge (Vox Media) have been targeted, and most of the affected companies have already released statements about not being involved in any such giveaway. The scams are very similar to email hoaxes that request recipients to send money that will be returned with absurd amounts of interest.

It is fairly easy to identify if a comment posted by a Facebook page is legitimate or not. Simply click on the name on the comment and see if it’s the same page as the official one. Scam accounts copy the name, photos, and descriptions of legitimate pages but they cannot copy the number of likes or official posts.

A similar scam was attempted on Twitter with scam accounts impersonating Elon Musk and other companies on official threads made by the SpaceX CEO. The scammers made it seem like Musk, with companies hosting Bitcoin giveaways, where a number of users were scammed into giving up their 0.1 Bitcoin each.

There have also been instances of official accounts on Facebook and Twitter being compromised to run cryptocurrency scams. Internet users should be very careful when entering giveaways that involve any kind of entry fee as nearly all major giveaways do not require any kind of personal financial information or entry fee to enter.

What do you think about the ongoing cryptocurrency scam on Facebook? Let us know in the comments below. Also, to get instant tech updates, follow TechNadu’s Facebook page, and Twitter handle.

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