Beware of presidential election related digital currency scams

Beware of election-related digital currency scams

There’s a new digital currency scam making its rounds and it’s capitalizing on the presidential election in the United States. The Twitter account ( @EmmaIsaacs) is impersonating Elon Musk, commenting on Donald Trump’s tweets, and encouraging Twitter users to go to a fraudulent website that prompts them to send BTC and ETH to a designated wallet address.

Hopefully, you have seen–but not fallen for–enough scams to know when a criminal is trying to defraud you. But unfortunately, roughly $32,000 in BTC and $6,000 in ETH have been sent to the impersonator’s wallet addresses.

Capitalizing on the election

United States residents are currently waiting for the results of their presidential election to be released. At the moment, it is a close race; a few states are still counting votes, and do not expect to have their official count in until Friday or later. That being said, American’s are eagerly waiting for the results of the election. This means that American’s are paying more attention than usual to media outlets–including Twitter–which makes the internet the perfect attack vector for those looking to capitalize on the pool of people waiting on the election results.

Beware of digital currency-related scams

Be on the lookout for digital currency-related scams; given the presidential election, cybercriminals will prey on the population waiting for the election results to facilitate their scams. Beyond that, cybercrime is on the rise, it is just as Lance Morginn, president of Blockchain Intelligence Group (CNSX: BIGG|OTC: BBKCF| WKN: A2JSKG), said in his interview with CoinGeek,

“It’s a lot easier for guys to be able to sit in their bedroom, through VPN and TOR and these kinds of things and really try to make it difficult for law enforcement to track them by traditional means” in reference to why there has been an increase in cybercrime over the years.

So remember, you should always do your own research before investing, and if the return on investment seems too good to be true or if you are not familiar with the entity asking you to invest or send them money, then it is better to not invest at all.

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.