Crypto Apps, Fraud and Scams

Crypto Scam in Twitch

A new bitcoin scam comes to light. Now, the fraud heads towards the investors through Twitch. The platform has many channels that consistently go unchecked and unmonitored by regulators, leaving many dark corners for malicious actors to hide.

Bitcoin Scam uses Twitch to Get Money.

Elonmusk859, a popular Twitch channel, has been getting a lot of traffic as of now. It was discovered by a Reddit user who claims that the channel has garnered 40,000 individual viewers, although a user says that many of the “individuals” aren’t people but bots.

According to the user, the scam offers free crypto units for people who are donating money to a specific address provided. It comes as a huge red flag, knowing that it is a tactic that has been used over time, the recent being last July.

It was a time when a Twitter-bitcoin hack has seen to the overtaking of several accounts utilized by high-profile individuals with the 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 has overtaken these accounts sent messages to followers and claiming that the money sent to a provided anonymous crypto address can be doubled.

It was not the case, and all Money sent to the address has been taken by the hacker, who end up stealing as much as $121,000 in bitcoin. The number doesn’t seem too much, but the fact that many accounts were targeted is scary.

The same tactic is being employed here, and it is estimated that no matter how much money is sent to the address is never doubled or sent back. Therefore, traders are advised to avoid the scam at all. But it doesn’t look like everybody has learned a lesson, and so far, the scammer has earned about $10,000 in stolen funds.

On the page is the message saying:

“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.”

Seems somewhat familiar?

There appears to be many pages the employ this scam, which seems that no matter how fast Twitch acts to take a page down, there will be another in existence serving as a replacement.

This had been a time of mass crypto fraud, with the latest involving Trump’s re-election campaign site being overtaken by malicious actors that get their fingers on Monero payments.

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