Bitcoin and Ethereum Scam Spreading on Social Media

Bitcoin and Ethereum giveaway scams are spreading through social media outlets, primarily Twitter and YouTube. The scams prompt users to send a small amount of cryptocurrency – .05 to 5 Bitcoins or .5 to 50 Ethereum – to a disclosed address and the “giveaway” will send up to 10 times more cryptocurrency back to the user. The Twitter accounts promoting this scam are impersonating Elon Musk, John McAfee, and various other celebrities. The text of the fake giveaway includes a faux live stream of transactions indicating the pool of cryptocurrency is shallow. Similarly, a scam proliferating on YouTube portrays similar tactics; however, this campaign installs the njRAT, malware capable of logging keystrokes and capturing user credentials. The NJCCIC recommends educating users about this and similar scams to reduce victimization. Users are advised to avoid clicking on links included in social media posts from unknown users and those promoting “giveaways.”