Grayscale is presently under a scam threat. In recent times, the influence of social media on financial markets has never been more palpable. One central figure in this evolving landscape is Elon Musk, CEO of Tesla and SpaceX, among other ventures.
Users rely on Twitter (X) for accurate news and updates from verified pages. However, the blue check mark mess has quickly reversed the situation as more fake accounts impersonate agencies.
The latest crypto scam on Twitter is the purported $25 million giveaway from a GrayScale verified page.
The Blue check menace
Elon Musk acquired Twitter for $44 billion last year after taking over its leadership. The platform that now goes by X started removing the verified blue checkmarks from accounts that refused to pay the $8 monthly fee earlier this year.
This move led to confusion among most personalities and agencies on how to curb the fake account menace now that the blue check mark was accessible to everyone who could afford the fee.
Personalities such as Donald Trump, Oprah, and Pope Francis lost their blue checkmark earlier this year. Before this move, Twitter had close to 300000 verified users who were indeed who they claimed to be.
X now offers gold check marks for verified organizations and grey checks for government organizations and their affiliates. The cost of sustaining these marks ranges from $8 monthly for personal accounts,$1000 for an organization, and $50 for affiliate accounts.]
A critical eye can spot blatant fraud on the impersonators’ pages by looking out for the following of the accounts, which tend to have fewer followers than expected of the legitimate pages. Twitter may lose credibility in giving accurate information; anyone can get a blue check, confusing vulnerable and unsuspecting users. This would lose the purpose of why Elon Musk acquired X in the first place.
The Grayscale giveaway scam
The latest scam on Twitter is attributed to the blue check mark confusion. The Grayscale Bitcoin Trust, which is on its way to becoming an ETF after a recent court decision, is the latest victim of an impersonating verified page, claiming to be giving away $25 million to users who visit the page tagged on the post.
The Grayscale page, which goes by @Grayscale_FND, is not part of the company Grayscale social media platforms. This was confirmed by the company’s spokesman on Friday, stating that it was an evident scam.
Before Elon’s takeover, the blue check mark on the @Grayscale _FND page would only be acquired after vetting is done on the page to ensure that it indeed belongs to the alleged user. The real Grayscale account has a gold mark reserved for corporations; users on X need to identify these changes to avoid getting fooled by the scammers.
However, the resemblance between the fake grayscale page and the new one is uncanny as the page also uses the Grayscale official logo.
Previous scams on X
The platform was already known for crypto scams even before the blue check mark removal. For instance, a page impersonating Elon’s Space X company responded to the new Twitter boss’ tweet, which led unsuspecting users to a crypto scam.
Blue check scammers also use their accounts to manipulate unsuspecting users into disclosing their bank details to customers complaining about poor service. Bank customers are also at risk of these scams when they tag the companies on their X platforms. The scammers promise the users a refund once they disclose their bank details. The victims will trust a page with a blue check mark, leading to them losing their money.
Banks are now urging their customers to be careful while using their X accounts to contact them, and they are advised to ensure the accounts they reach have the gold badge to ensure their legitimacy. The scammers are now targeting consumer guide devices that the companies provide to their users to enable speedy resolution of disputes.
