Ethereum “Giveaway” Scammers Have Tricked People Out of $4.3 Million


Ethereum “Giveaway” Scammers Have Tricked People Out of $4.3 Million

Ethereum is a distributed public blockchain network. the Ethereum blockchain focuses on running the programming code of any decentralized application.

In the Ethereum blockchain, instead of mining for bitcoin, miners work to earn Ether, a type of crypto token that fuels the network.

Online crooks promoting fake “giveaways” have tricked people out of 8,148 Ether, currently worth around $4.3 million, according to statistical data compiled in EtherScamDB.

The EtherScamDB website was created by the team behind the MyCrypto wallet service for the purpose of tracking various types of online scams centering around the Ethereum platform and associated cryptocurrencies and assets.

For the past few months, the website has been inventorying various types of Ethereum scams, such as classic phishing sites that imitate legitimate apps and wallets, trust-trading sites that push inaccurate advice or recommendations, but also online giveaways scams that promise to multiply Ether funds if victims transfer crooks a small sum of money.




Twitter’s “Ether giveaway” scam problem

The latter category has recently become rampant on Twitter, and on a daily basis, the social network’s most popular tweets are often inundated by these “Ether giveaway” scams.

More precisely, this particular trend caught fire with crooks this past February after Bleeping Computer first reported that one particular scammer made $5,000 in one night just by posing as Elon Musk, John McAfee, and a few other celebrities on Twitter.

Soon after our report, scams of these types started to flood Twitter left and right, with crooks registering Twitter accounts with names similar to legitimate ones, and then posting misleading messages, asking users to donate funds to an Ethereum address to receive a multiplied sum as part of a limited offer giveaway.




EtherScanDB tracks hundreds of fake giveway addresses

Some of these scams and the Ether addresses where crooks have been collecting “donations” for the fake giveaways have been tracked in the EtherScamDB.

According to a recent tweet by John Backus, founder of Bloom and Cognito, two blockchain-powered apps, crooks promoting these giveaway scams have made 8,148 Ether ($4.3 million) just from the Ether funds sent to the 468 Ethereum addresses tracked by the site.

This sum is obviously larger, since the website does not track all giveaway scams, but even so, this small statistics shows how big this problem is today.




Twitter’s been slow to react

Twitter, in particular, has been slow to respond to users reporting ake accounts, sometimes taking days or weeks to suspend obvious clones. Nevertheless, with a limited support staff, and with all the hate speech and terrorist propaganda happening on the platform, it is somewhat understandable why Twitter has been slow to react.

In the meantime, spreading the word about this scam is probably the best way to educate users and remind them to pay attention to the Twitter handle from which these offers are being made.

But while some might think the consensus advice is to tell users to “pay attention to the Twitter handle pushing an Ethereum giveaway,” the actual sensible advice is to “not participate in giveaways” to begin with, since most of these are just plain ol’ scams.





Highest Selling Technical Courses of Indian Cyber Security Solutions:

Certified Ethical Hacker Training in Bhubaneswar

Ethical Hacking Training in Bhubaneswar

Certified Ethical Hacker Training in Bangalore

Ethical Hacking Training in Bangalore

Certified Ethical Hacker Training in Hyderabad

Ethical Hacking Training in Hyderabad

Python Training in Bangalore

Python Training in Hyderabad

Python Training in Bhubaneswar

Microsoft Azure Training in Hyderabad

Microsoft Azure Training in Bangalore

Microsoft Azure Training in Bhubaneswar

Networking Training in Bangalore

Networking Training in Hyderabad

Networking Training in Bhubaneswar

Advance Python Training in Hyderabad

Advance Python Training in Bangalore

Advance Python Training in Bhubaneswar

Amazon Web Services Training in Hyderabad

Amazon Web Services Training in Bangalore

Amazon Web Services Training in Bhubaneswar

Certified Ethical Hacker Certification – C | EH v10

Summer Training for CSE, IT, BCA & MCA Students 

Network Penetration Testing training

Ethical Hacking  training

Python Programming training

Android Training in Bangalore

Android Training in Hyderabad

Android Training in Bhubaneswar

Diploma in Network Security Training

Android Development  training

Secured Coding in Java

Certified Network Penetration Tester 

Diploma in Web Application Security 

Certified Web Application Penetration Tester 

Certified Android Penetration Tester 

Certified Python Programming 

Advance Python Training 

Reverse Engineering Training  

Amazon Web Services Training  

VMware Training 


Cybersecurity services that can protect your company:

Web Security | Web Penetration Testing

Network Penetration Testing – NPT

Android App Penetration Testing

Source Web Development

Source Code Review

Android App Development

Digital Marketing Consultancy

Data Recovery


Other Location for Online Courses:




Leave a Reply

Your email address will not be published. Required fields are marked *



Click one of our representatives below to chat on WhatsApp or send us an email to [email protected]

× Hi How can we help you