$12.5B
FTC-reported fraud losses in 2024
FTC says consumers reported losing $12.5 billion to fraud in 2024.
Social media scams/Twitter
Twitter crypto promotion scam
Hacked or impersonator Twitter accounts post fake cryptocurrency promotions promising to double any crypto sent to a wallet address, stealing funds from followers.
“social media scam”
↑ 470%Key indicators
Usually targetsSocial media users
Often hitsTech workers and developers
Common regionGlobal
Last updated2026-04-04
Estimated impact
$600
median reported loss
Typical range$60 – $6.0K
Recovery rate~15%
Annual reports95,000
Scam breakdown
1
Scammers either hack verified accounts or create convincing impersonator accounts of celebrities and tech executives
2
They post tweets announcing a limited-time crypto giveaway where sending Bitcoin or Ethereum to an address returns double the amount
3
Victims send cryptocurrency that is immediately transferred and laundered, with no return ever made
What to do first
Remember that no legitimate person or company will ever ask you to send crypto to receive more back
Related terms
X crypto doubling scamTwitter Bitcoin giveawaycelebrity crypto impersonationSocial media scamsTwitterSurgingSocial media usersCrypto investorsYoung adultsTech workers and developersEducators and studentsInvestors and tradersGlobalUnited StatesUnited KingdomX crypto doubling scamTwitter Bitcoin giveaway
Real-world example
How this scam plays out in practice
Based on reported patterns. Names and details are illustrative.
The setup
Lisa, 35, a social media users, encountered what appeared to be a legitimate social media scams situation while using Twitter. Scammers either hack verified accounts or create convincing impersonator accounts of celebrities and tech executives
Step 2
What happened next was calculated: They post tweets announcing a limited-time crypto giveaway where sending Bitcoin or Ethereum to an address returns double the amount
Step 3
The pressure escalated quickly: Victims send cryptocurrency that is immediately transferred and laundered, with no return ever made
The outcome
Lisa realized something was wrong when tweet from a celebrity or company promising to double cryptocurrency sent to a specific address. By that point, significant damage had already been done — money sent, personal information shared, or trust exploited.
The lesson
Remember that no legitimate person or company will ever ask you to send crypto to receive more back Lisa's experience shows why tweet from a celebrity or company promising to double cryptocurrency sent to a specific address and promoted tweet with engagement that appears artificially inflated by bot accounts are the clearest early warning signs.
How to identify it
- Tweet from a celebrity or company promising to double cryptocurrency sent to a specific address
- Promoted tweet with engagement that appears artificially inflated by bot accounts
- Account handle has subtle differences from the real person or brand it impersonates
- Pause before paying, clicking, or sharing information. Scammers rely on speed.
- Verify the sender, company, or agency using a phone number or website you already know is legitimate.
- Treat secrecy, urgency, and off-platform payment requests as strong scam signals.
What to do now
- ✓Remember that no legitimate person or company will ever ask you to send crypto to receive more back
- ✓Verify any promotion through the person's official website — not just their social media
- ✓Report impersonation accounts and crypto scam tweets to Twitter/X and the FBI IC3
What to save before reporting
- ✓Save the message, profile, phone number, email, or URL that was used.
- ✓Keep payment confirmations, receipts, and account alerts before you dispute or delete anything.
- ✓Write down the timeline while the details are still fresh.
How big is this problem
You are not alone — this scam affects millions of people.
These numbers come from government agencies and official reports. If you have been affected, know that this is a widespread problem — not something that only happens to careless people.
FTC 2024 fraud losses
Imposters
Most common FTC fraud category in 2024
FTC says imposter scams remained the most commonly reported fraud category in 2024.
History and evolution
- This scam family tends to persist because the social-engineering pressure works even when the exact scripts, platforms, and payment methods change.
- The specific packaging evolves over time, but the core pattern usually stays the same: create urgency, control the channel, and push action before verification.
- The 2020 Twitter hack that compromised accounts of major public figures to promote a Bitcoin doubling scam collected over 100,000 USD in hours, demonstrating the effectiveness of this tactic
Recovery and follow-up
- ✓Save the messages, receipts, account alerts, and transaction details before you block or delete anything.
- ✓Report the scam through the official platform or government channel that best matches where it happened.
- ✓Remember that no legitimate person or company will ever ask you to send crypto to receive more back
- ✓Verify any promotion through the person's official website — not just their social media
- ✓Report impersonation accounts and crypto scam tweets to Twitter/X and the FBI IC3
Why this pattern keeps working
Even when the story changes, most scams still use the same pressure pattern: urgency, authority, and a request to move money or data fast.
The 2020 Twitter hack that compromised accounts of major public figures to promote a Bitcoin doubling scam collected over 100,000 USD in hours, demonstrating the effectiveness of this tactic
OpenScam research
Where to report it
If you have been targeted by this scam, reporting it helps authorities track the pattern and protect others. Global has dedicated agencies that handle fraud reports.
Report cross-border scams
econsumer.gov (ICPEN)
International Consumer Protection and Enforcement Network portal for reporting cross-border online scams. Reports are shared with consumer protection agencies in 40+ countries.
Interpol financial crime guidance
Interpol
International policing guidance on online financial fraud, romance scams, and investment fraud operating across borders.
Report phishing emails
Anti-Phishing Working Group
Global industry coalition for reporting phishing emails and URLs. Forward phishing to [email protected].
Explore further
Understand the bigger picture
Who is most at risk
Who this scam targets
Primary targets
Social media users, Crypto investors, Young adults
Geographic concentration
Global, United States, United Kingdom
Primary channel
Twitter — Social media scams
Why this group is vulnerable
Social media users are particularly vulnerable because this scam exploits trust in familiar brands, authority figures, and time-sensitive decisions. The rapid increase in reports suggests that awareness among this demographic remains low.
Sources and methodology
How we verify this information
OpenScam tracks scam patterns using a combination of government consumer protection databases (FTC, IC3, Action Fraud), platform-specific fraud reports, and verified consumer complaint data. Each entry is cross-referenced against at least two independent sources before publication.
Severity ratings are based on financial impact potential, reversibility of damage, and volume of reports across multiple reporting channels. Trend velocity reflects the rate of change in report volume over the most recent 90-day window.
This page was last verified on 2026-04-04. Red flags, recovery steps, and reporting resources are reviewed quarterly against current agency guidance.
Evidence and indicators
- The 2020 Twitter hack that compromised accounts of major public figures to promote a Bitcoin doubling scam collected over 100,000 USD in hours, demonstrating the effectiveness of this tactic
Source notes
- OpenScam research
Frequently asked questions
Common questions about twitter crypto promotion scam
How does the twitter crypto promotion scam work?+
Scammers either hack verified accounts or create convincing impersonator accounts of celebrities and tech executives They post tweets announcing a limited-time crypto giveaway where sending Bitcoin or Ethereum to an address returns double the amount Victims send cryptocurrency that is immediately transferred and laundered, with no return ever made
What are the warning signs of twitter crypto promotion scam?+
Tweet from a celebrity or company promising to double cryptocurrency sent to a specific address Promoted tweet with engagement that appears artificially inflated by bot accounts Account handle has subtle differences from the real person or brand it impersonates
What should I do if I encounter twitter crypto promotion scam?+
Remember that no legitimate person or company will ever ask you to send crypto to receive more back Verify any promotion through the person's official website — not just their social media Report impersonation accounts and crypto scam tweets to Twitter/X and the FBI IC3
Who is most at risk for twitter crypto promotion scam?+
This scam primarily targets Social media users, Crypto investors, Young adults. It is most commonly reported in Global, United States, United Kingdom and typically appears on Twitter.
Is twitter crypto promotion scam getting worse?+
Twitter crypto promotion scam is currently surging — reports are increasing rapidly. It has been reported across US, UK, AU. Last updated 2026-04-04.
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Help someone avoid this scam.
Scammers succeed because people do not talk about it. If you or someone you know has been affected, there is no shame in it — it happens to millions of people every year. Share this page with friends and family so they know what to look for.