Another bitcoin scam has entered the mix. This time, the scam is heading towards investors with a little help from Twitch. The platform has several channels that consistently go unchecked and unmonitored by regulators, leaving many dark corners for malicious actors to hide.
The Bitcoin Scam That’s Using Twitch to Get Its Money
One of the most popular Twitch channels – one dubbed Elonmusk859 – has been getting a lot of traffic as of late. It was discovered by a Reddit user who claimed that the channel had garnered as many as 40,000 individual viewers, though another user says that many of these “individuals” are not people but rather bots.
According to the user who found the channel, the scam it’s employing offers free crypto units for people who donate their money to a specific address that it provides. This should come as a huge red flag considering it’s a tactic that has been used time and time again, the most recent being over the summer in July.
That was a time when a Twitter-bitcoin hack saw to the overtaking of several accounts utilized by high-profile individuals including former president Barack Obama, his vice-president Joe Biden, Microsoft mogul Bill Gates and Tesla and SpaceX CEO Elon Musk (who always seems to find himself at the center of a crypto scam somewhere). The person who overtook these accounts sent messages to followers claiming that all money sent to a provided anonymous crypto address would be doubled.
Naturally, this was not the case, and all money sent to the address was taken by the hacker, who wound up stealing as much as $121,000 in bitcoin. The number may not be much, but the fact that so many top accounts were targeted is a little scary.
Either way, the same tactic is being employed here, and it is estimated that whatever money is sent to the address is never doubled or sent back in any way. Thus, traders are advised to avoid the scam at all costs. However, it doesn’t look like everybody has learned the lesson at hand, as thus far, the scammer has earned about $10,000 in stolen funds.
On the page is the following message:
Elon Musk with SpaceX and NASA believes that blockchain and bitcoin will make the world fair. To speed up the process of cryptocurrency mass adoption, we decided to run a 5,000 BTC giveaway.
Doesn’t This Sound Familiar?
What’s worse is that there appear to be several pages at the time of writing employing this scam, which means that no matter how fast Twitch acts to take a page down, there is another in existence serving as a replacement.
This has been a time of mass crypto fraud, with the latest example involving Donald Trump’s reelection campaign site being overtaken by bad actors looking to get their fingers on Monero payments.