Generally, the scammers will hack a verified account, change the display name to "Elon Musk", copy his profile photo, and then tweet about a fake cryptocurrency giveaway. It has also updated its avatar and display name to remove mentions of Elon Musk.
After Twitter reportedly restricted (and banned) numerous accounts sharing the likeness of Tesla & SpaceX CEO Elon Musk, one of the social media platform's foremost stars, reports have arisen that claim that the world-renowned entrepreneur has been impersonated yet again, this time in a context pertaining to Bitcoin (BTC).
The main reason that people are falling for this scam is due to the fake accounts used to promote it have blue ticks next to their Twitter name, hooking in the gullible. The accounts also retweet various posts by Musk, Tesla and Space X, in an effort to look more like the real Elon Musk account.
If you've used Twitter at all recently, you've probably seen what looks like Elon Musk peddling a cryptocurrency "giveaway" on your timeline. The tweet asked users to give away a small amount of Bitcoin to supposedly receive more.
The verified Twitter accounts of film producer Pathe UK, British fashion retailer Matalan, US publisher Pantheon Books, and independent record label Marathon Artists, are among those hijacked by attackers.
The bitcoin wallets associated with the scam suggest the campaign has been successful for the attackers, with nearly 400 users contributing a combined total of 28 bitcoin to the cryptocurrency wallets - now the equivalent of £137,000 ($180,000).
Regardless of the specifics of this scam, this odd occurrence highlights the reoccurring theme and relationship between Elon Musk, arguably the world's most well-known CEO, and Bitcoin and the nascent crypto industry, which he has seemingly lightly dabbled in.
Analysis of the scammers' cryptocurrency account by Crypto News Review reveals that, at the time of writing, more than 300 people had fallen victim, sending Bitcoin worth over £120,000.
Twitter doesn't enforce two-factor authentication (2FA) on verified accounts, but recommends it as a precaution for users.
Whereas the hackers can change the name on accounts they can't change the Twitter handle which is a good way to determine which ones are fake.
It appears Pathé has since been able to reclaim its account and delete the tweet.
"Impersonating another individual to deceive users is a clear violation of the Twitter Rules".