A joint investigation by Sky News and blockchain analytics firm Chainalysis has uncovered the scale and mechanics of cryptocurrency giveaway scams rampant on Twitter. The scams, which impersonate high-profile tech figures such as Elon Musk and Ethereum co-founder Vitalik Buterin, have fleeced unsuspecting users out of tens of thousands of dollars, with the most successful operators pocketing up to £50,000 (approximately $65,000) per day.
How the Scam Works: Impersonation and Fake Promises
The fraud is remarkably simple: scammers create Twitter accounts that closely mimic real celebrities, copying their profile pictures, usernames, and even tweet styles. They then infiltrate popular threads and post offers of “double your crypto” — promise a large return on small deposits sent to a specific wallet address. To build false credibility, automated bot networks like, retweet, and even post fake testimonials claiming successful payouts.
Chainalysis senior developer Alvaro Sevilla told Sky News: “The differences in the way these funds are being handled — such as different withdrawal patterns and the use of different exchanges — is indicative of different copycats attempting to do the same scam. The simplicity of the attack, which requires little technical knowledge and preparation, also leads us to believe it's a trend more than an organized attack.”
Twitter’s Response and Persistent Threats
The investigation team shared their findings with Twitter, which responded: “We are aware of coordinated spam activity around cryptocurrencies and related software products. The malicious use of automation, impersonation, and other deliberate attempts to deceive are prohibited under the Twitter Rules.” Yet many offending profiles remain active. Alexander J Martin of Sky News noted: “The fake accounts have struck hundreds of times over the last two months, with the most successful taking away as much as £50,000 a day before using a range of exchanges to convert the proceeds into cash.”
Interestingly, even Vitalik Buterin had to change his official Twitter name to warn followers about impersonator accounts, but the scam persists. The investigation found that while some fraudsters used “seed transfers” (small amounts sent from the scam wallet to trick victims), the most lucrative scams did not rely on this tactic — users simply sent real money based on the hype.
Stay Skeptical: No Free Lunch in Crypto
Ultimately, the most effective defense is basic skepticism. If an offer seems too good to be true, it probably is. Chainalysis noted that the different laundering methods across scams suggest copycat behaviors rather than a single cartel. Users are advised to never send crypto to unknown addresses promising returns, and to report suspicious profiles immediately. In the words of the report: “If it appears to be too good to be true, it probably is.”