Twitter Attempting to Halt Cryptocurrency Scams Amidst Little Polices

Cryptocurrency scams are still popular on Twitter. Scammers are now stealing from people by pretending to be famous companies and individuals in the crypto space. Jack Dorsey has said Twitter is fixing the problem

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Cryptocurrency scams with verified Twitter accounts are still commonplace. For instance, Buzzfeed highlighted a case targeting

The latest twist relates to a verified Twitter account belonging to well-known Kraken crypto exchange. The report provides support to Kraken customers. On Tuesday, the account says they had been ban from Twitter for trying to alert to customers to the various ways thieves are stealing digital assets online. It looks like there was a confusion in the banning of the account. The ban on the account has since been lifting up.

Elsewhere but still on Twitter, scammers have to adopt an advancing approach of scamming where they can even lure users to themselves by pretending to alert the targets about “thieves and scams” while themselves are posing as a popularly known user through impersonification. It seems like the Kraken account was mistakenly caught up in this confusion hence the ban.

Such scammers even have a huge following by the fact that they steal the identity of known people or companies in the crypto space. For instance, a recent and popular scam has seen several people lose digital assets after being to send a smaller amount of Ether to receive a more significant amount. Such a silly promise would see some send Ether because they trusted the account posing as the original company.

The scammer by the Twitter handles @TronFoundationl, who was pretending to be the official @TronFoundation. It was hijacking accounts and using them to pretend to be the official handle for Tron Foundation. He even retweeted a tweet from Tron founder Justin Sun.

The problem is yet to fix it seems, even after many people reporting and complaining about fraudulent tweets and accounts. Jack Dorsey also promised on February 26 that they are fixing the problem.

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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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