You may have seen the typical trend of crypto giveaways on social media platforms like Tik Tok, Twitter, and Instagram from your favorite internet celebs. This is a common marketing strategy among altcoins. Here they giveaway some crypto to the lucky winners and gain attention on the crypto they are promoting. But not all of these are legit. There are many cryptocurrency giveaway scams that work along with these.
Giveaway scams are one of the most common types of crypto scams. These are often discovered on popular social media platforms such as Twitter or YouTube and are a form of social attack that are used for influencing you to send crypto to the scammers.
How Do Cryptocurrency Giveaway Scams Work?
In a cryptocurrency giveaway scams, a hacker will impersonate a famous public figure or an entity and is said to be giving out cryptos. To be a part of this crypto giveaway, you will initially have to transfer an amount of crypto to the address provided. In many scenarios, they promise to send you back double of what you have sent them.
Their main motive is to rush you towards making bad decisions by making you think that you are going to miss a huge opportunity. Often they will mention the exact amount of digital currency that will be given away, for example, “10,000 BTC giveaway” and then they will use fake accounts to comment on the post to make it more appealing to the people. Seeing that people will have a FOMO (fear of missing out) and they will race to transfer the cryptos to the scammers.
Twitter And YouTube Giveaway
On Twitter, the fake accounts of the giveaway will sometimes have a verified check mark that makes it appear more legitimate. There will also be bots who will be replying to the tweets claiming that it is a real giveaway and they have received the cryptos.
On YouTube, there is generally a live stream video that portrays a celebrity or representative of a company talking about things that are not relatable to crypto. The comment section will be filled with comments claiming that they have received their cryptos making it look more legitimate.
Is Ethereum Giveaway Real?
The main purpose of a cryptocurrency giveaway scam is to convince innocent people to transfer digital currency to scammers. Usually, the scammers try to trick people to believe that they can receive double as much crypto as they would send them. This is a great strategy that is often seen in the Ethereum giveaway 2021. Such scams are generally conducted through platforms like Ethereum giveaway YouTube and Twitter, etc.
They are the same scammers who were associated with the Ethereum giveaway 2020. They use the name of the co-founder of Ethereum Vitalik Buterin. This gives their scam a legitimacy. Their aim is to trick people into believing that they can increase their cryptos by double simply by sending them 1 ETH to 500 ETH that is available in their wallet.
How to prevent Ethereum giveaway scams?
To prevent Ethereum giveaway scams:
- Uninstall fraudulent applications using Control Panel.
- Remove rogue extensions from Safari and Google Chrome.
- Remove unwanted plug-ins from Mozilla Firefox.
- Remove unwanted plug-ins from Microsoft Edge.
- Remove adware from Internet Explorer.
How To Avoid Cryptocurrency Scams On Discord?
Here are few ways in which you can avoid cryptocurrency giveaway discord:
- Avoid random messages that claim to give you rewards for free.
- Report any scam to the discord officials.
- Do not click on links received from unknown addresses.
There are many types of cryptocurrency giveaway scams. They all follow a similar pattern of pretending to be a different individual and then asking you to transfer crypto if you want to earn double. Educate yourself on these scams and identify them at the right time to protect yourself. Always remember the crypto sent to the giveaway address is gone forever. Do not expect any returns. Crypto transactions are irreversible, which implies that there is no other way to get back a crypto once it is gone.