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Twitter ‘Free ETH Giveaway’ Scams Can Rake in $50K-100K Per Day

Georgi Georgiev | Aug 13, 2018 | 09:00

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“Free ETH Giveaway” scams on Twitter might seem obvious to most but they are reportedly making some quite a lot of money.

Making $50,000 to $100,000 Per Day

Cryptocurrency evangelist and YouTuber Adam Guerbuez ran into the popular “Free ETH Giveaway” scam on Twitter. However, he took the chance to ask the scammer a few questions and, reportedly, the conman went for it, shedding some clarity on how the entire process works.

While the information is unverified, the scammer has claimed that they manage to collect between $50,000 and $100,000 every day.

The outrageous amount of money is also made in a fairly simple manner as the majority of the processes, according to the conman, are automated:

Well, the process from generating accounts, to tweeting to rotating ETH wallet address is all done automatic by our bots. The only manual process is cashing out.

Blue Ticks Don’t Work

Interestingly enough, the scammers don’t even have to go through the burden of acquiring verified (blue-ticked) Twitter accounts.

The conman said that people, whom he refers to as “mooches”, would send their ETH to any account, regardless of whether it’s verified or not.

“…the mooches send eth to any account we make, they do not even care about verfied like we assumed they would. The mooch is just so excited to make money for nothing and multiply their ETH,” he explained.

One of the most notable instances of this scam took place just a month ago in July when conmen faked Tesla’s Elon Musk Twitter account to offer free ETH.

Ethereum’s co-founder Vitalik Buterin openly asked for a “layer 2 scam filtering solution” but we have yet to see whether or not something of the kind will be put in place. In the meantime, Twitter is supposedly shutting down more than 1 million fake accounts daily – an effort which seems to be falling short.

What do you think of the popular Twitter “Free ETH Giveaway” scam? Have you ever fallen victim to it? Don’t hesitate to let us know in the comments below!

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