It looks like Twitter still has no clue of how to combat the ever-present crypto scams on its platform as the latest of them has hit the social network. The “blue badge” (that indicates a verified profile) scams have been going unchecked in the crypto-Twitter for a while now and the most recent of them has affected several well-known names within the industry.
On Wednesday reports have surfaced that a verified Twitter account of film producer and director Self Elsbei, which has over 83,000 followers and the blue badge of verification, was impersonating the official account of Verge cryptocurrency. Verge official Twitter handle @vergecurrency does not have the badge of verification, which is likely why it was seen as a potential target by the fraudster in control of the @seifsbei account.
Verge has been under the cosh lately with its Twitter account having been hacked in March, with hackers relieving some of the followers out of their XVG cryptocurrency. It has also been targeted in the infamous 51% attack a couple of weeks back, with some 250,000 XVG coins stolen. This week, the company returned to the spotlight after its partnership with PornHub was reported but surprisingly the coin’s market price decreased following the announcement. The last thing they needed was a scam, associated with company’s name and sadly that is exactly what happened.
Twitter allows its verified users to change their profile information, including the display name, without losing the verification. Therefore, @seifsbei has quickly transformed into vergecurreǹcy and began to replicate messages of the original Verge Twitter account. Shortly after, the imposter moved on to pastures new and disguised itself as one of the most prominent crypto exchanges under a name of Ƀitfinex.
It was also revealed that the fraudster impersonated the Bittrex exchange as well as Ethereum founder Vitalik Buterin in a similar manner as Vitalik Ƀuterin. Other retweets suggest the account has also disguised itself as the official @bitcoin account as well as that of the Tron project.
Previously, @seifsbei has posted almost exclusively in Arabic. On Tuesday, he published a Facebook page update, informing of the Twitter account hacking. Mr. Elsbei has also said he is working to have the Twitter handle recovered.
The account seems to have been successfully recovered at press time, as the profile picture shows a smiling Mr. Elsbei and the last post is in Arabic. Curiously, the latest tweet is still preceded by numerous retweets of Verge and PornHub partnership announcement.
Image Source: “Flickr”
I have been following the crypto markets since mid 2017, just in time to witness the incredible surge of the digital asset industry. Fascinated by the potential of blockchain technology I’ve started to dig deeper and that’s how I ended up meeting the Toshi Times team. I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. I’m also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the ‘Fourth Industrial Revolution’ and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it.