Elon Musk Bitcoin scam takes over Twitter

Clothes retailer Matalan appeared to have had its Twitter account targeted today by scammers

Clothes retailer Matalan appeared to have had its Twitter account targeted today by scammers

It has also updated its avatar and display name to remove mentions of Elon Musk.

British fashion retailer Matalan, film distributor Pathe UK and U.S. publisher Pantheon Books were among those whose accounts were taken over by scam artists.

Elon Musk, the mastermind behind companies such as Tesla and SpaceX, seems to be a beloved figure in the world of crypto scammers on Twitter.

Clothing retailer Matalan and Pathé United Kingdom, the British arm of the French filmmaker, were both targeted by the scammers, who took control of the brands' Twitter accounts and posted scam messages advertising the giveaway.

Often scammers have used other compromised accounts to respond to the initial post, claiming they've received a bitcoin payment in a move created to trick users into thinking the scheme is legitimate. One of the most common Twitter scams which has been around for years now is that of fake celebrity accounts asking people to send them a small amount of cryptocurrency with a promise of a larger return. The hacker managed to subtly change the "L" in Elon Musk's name to a different, yet similar character so the account would not be flagged and reported to Twitter's security team.

The error-strewn tweet itself read: "I'm giving 10 000 Bitcoic (BTC) to all community!" And, just a few weeks ago, he found himself temporarily silenced on the platform for tweeting, "Wanna buy some bitcoin?", with Twitter believing his account to have been hacked.

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Twitter actually locked Musk's account for some time, believing it had actually been compromised.

"Posting the scam on a hacked verified account, combined with positive replies from other compromised blue ticked accounts, shows a decent degree of organisation".

A lot of people have also criticized Twitter for even allowing people to do this. The scam was very alike the other ones. Names of celebrities including the likes of Warren Buffet, President Donald Trump, Bill Gates and John McAfee have been used to crypto-scams.

Twitter says it is trying hard to combat these crypto-currency scams.

Celebrities who have had their names used in these scams have complained about it, urging Twitter to take more serious steps to tackle the problem.

However, this situation had reached its true climax when the real Elon Musk was suspended from his account for a brief time for mocking the fake account. Palmer responded by saying that social media platforms such as Twitter need to work on their scam finding algorithms.

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