Latest research reveals a correlation between Bitcoin price and Twitter scams. The report shows that the two are directly proportional to each other.
Cryptosecurity researcher Harry Denley reveals in the report that; so far these Twitter scams have reportedly been able to con innocent investors at least one hundred and fifty thousand dollars ($150,000).
The MyCrypto researcher further reveals that Bitcoin and Ethereum worth the sum has been lost in these scams.
Denley took a quantitative survey sample size of over three hundred and twenty-seven (327) tweets from about three hundred and thirty (330) Twitter accounts. His samples also included four hundred and twenty-five (425) images Tweeted by the sample users.
Denley finds that over ninety-five percent (95%) increase in the scamming accounts signs up offering different kinds of schemes to Bitcoin and Ethereum investors. These schemes target gullible investors who are playing with low stakes.
How Bitcoin price and Twitter scams are related?
Well, the report also sees a direct correlation between the Bitcoin price rallies and an increasing number of Twitter scams.
These scammers mostly hide behind a prominent cryptocurrency figure or institutions. The report states that Coinbase and Binance are popular from cryptocurrency exchanges.
While on the other hand, founder of Ethereum Vitalik Buterin was forced to add the words -non-giver-of-ether to his Twitter user profile.
Very important reminder as we enter the next Bitcoin bull market:
– BTC is very volatile
– You can lose all of your money
– Only invest what is ok to lose
– Twitter is not investment advice
– Don’t buy BTC with credit cards
– Keep low time preference
– Do your own research
— Pomp (@APompliano) August 13, 2019
These accounts impersonating the cryptocurrency figures and names are created by changing the name on an already approved “blue ticked” account. Once the account name has been changed the new name is used to lure innocent newbie investors into the scam.
In the past, Elon Musk has been subjected to such scams on more than one occasion. However, his team is quite active on social media and quick to dismiss the issue by reporting out to media outlets.