$ 1,233.33 1.36%
$ 41.16 0.58%
$ 0.067749 0.99%
$ 4.77 6.86%
$ 21,381.00 0.63%
$ 237.99 0.60%

Bitcoin price and Twitter scams directly related: data reveals

bitcoin price and twitter scams

Latest research reveals a correlation between Bitcoin price and Twitter scams. The report shows that the two are directly proportional to each other.

Cryptosecurity researcher Harry Denley reveals in the report that; so far these Twitter scams have reportedly been able to con innocent investors at least one hundred and fifty thousand dollars ($150,000).

The MyCrypto researcher further reveals that Bitcoin and Ethereum worth the sum has been lost in these scams.

Denley took a quantitative survey sample size of over three hundred and twenty-seven (327) tweets from about three hundred and thirty (330) Twitter accounts. His samples also included four hundred and twenty-five (425) images Tweeted by the sample users.

Denley finds that over ninety-five percent (95%) increase in the scamming accounts signs up offering different kinds of schemes to Bitcoin and Ethereum investors. These schemes target gullible investors who are playing with low stakes.

How Bitcoin price and Twitter scams are related?

Well, the report also sees a direct correlation between the Bitcoin price rallies and an increasing number of Twitter scams.

These scammers mostly hide behind a prominent cryptocurrency figure or institutions. The report states that Coinbase and Binance are popular from cryptocurrency exchanges.

While on the other hand, founder of Ethereum Vitalik Buterin was forced to add the words -non-giver-of-ether to his Twitter user profile.

These accounts impersonating the cryptocurrency figures and names are created by changing the name on an already approved “blue ticked” account. Once the account name has been changed the new name is used to lure innocent newbie investors into the scam.

In the past, Elon Musk has been subjected to such scams on more than one occasion. However, his team is quite active on social media and quick to dismiss the issue by reporting out to media outlets.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

Related News

Hot Stories

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Polkadot price analysis: DOT price will break above the closest resistance level found at $ 9 over the weekend
Bitcoin price analysis: BTC slowly retests $21,500, ready to return lower?
Monero Price Prediction 2022-2031: Is XMR Price Going Higher?
3 Innovative Coins Presenting Unique Income Opportunities

Follow Us

Industry News

Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon
Uphold announces restriction of Venezuelan users