The cryptocurrencies have started to march in the front lines alongside stock markets, Forex, and other trade commodities. However, this current rise has also given rise to many intricate types of cryptocurrency scams. A huge number of these scams are targeted towards the crypto communities present on social media.

Scammers took to these communities because of the massive traffic and participation of victims from every part of the world. The official Twitter account of RealMe India Support was hacked recently. Hackers were planning a crypto heist by disguising this account as Tesla Inc.’s official account. The Twitter officials have restored the account for now. However, they are not sure that how many users were abused by these scams before the malicious tweets were removed.

How is Twitter Account Hacks Targeting Crypto Community Members?

While hackers took control of the official RealMe India support account, they changed the profile picture and description to the Tesla Inc. logo. Meanwhile, the hackers also managed to change the name of the account to Tesla with single spaces between the letters. Due to the presence of a blue tick on the hacked account, many people did not question its authenticity.

These hackers, while disguised, went on to bombard scamming messages on the official Twitter account of Elon Musk. In the sub-tweets, the scam account posing as Tesla posted fake promotional messages prompting unsuspecting victims to click on a malicious link present in the spam tweets. After many reports, Twitter took action and restored the account to its real owners. Furthermore, the spam messages were also removed from the platform. 

Are Social Media Scams Making Users Cynical about Cryptocurrency?

The members of the world-renowned Reddit community, WallStreetBets lost about $2.2 million recently. The scammers started posting news about a pre-mining sale in the forum. Many Reddit users reportedly invested in WSB Finance token that did not exist. A new account that called itself the “WSB-Crypto Pumps” infiltrated the community and managed to dupe countless investors.

The regulators of the community posted warnings to warn the investors. However, before Reddit members realized the truth, they had already lost a huge amount to the scammers. These scammers not only made traders transfer their crypto holdings once but several times by spamming with a bot that kept prompting the users to send more crypto if they do not want to lose their prior investment.