The 5 biggest cryptocurrency scams tied to X (formerly Twitter) stand out due to their scale, visibility, victim reach (millions via high-profile accounts), and real-world impact.
These are mostly mass impersonation/hijacking + giveaway/doubling scams, which exploit X's viral nature.
Note: While some massive crypto frauds (e.g., OneCoin ~$4B, FTX collapse ~$8-10B, Bybit hack ~$1.4B in 2025) dwarf these in total losses, they weren't primarily executed or promoted on X.
Here, we focus on those where X/Twitter was the core vector or launchpad.
1. 2020 Twitter Mass Account Hijacking (The "Double Your Bitcoin" Hack) – ~$120,000+ stolen directly, millions reached.
This remains the most infamous X-specific crypto scam ever.
On July 15, 2020, hackers compromised 69 high-profile verified accounts (including Elon Musk, Barack Obama, Bill Gates, Joe Biden, Kanye West, Jeff Bezos, Apple, Uber, and more) in a coordinated breach via social engineering on Twitter employees.
- How it worked: The hacked accounts posted identical "double your Bitcoin" messages: Send BTC to a specific wallet, get double back as a "giveaway." Links led to scam wallets.
- Impact: Over 400 transactions in hours; scammers netted ~13.14 BTC (~$120,000 USD at the time, per Chainalysis and DFS reports).
But the real damage was exposure—tens of millions saw trusted accounts push the fraud, eroding platform trust and inspiring copycats.
- Why top: Unprecedented scale of compromised blue-checks; global headlines; led to FTC/DFS investigations and arrests (3 teens charged).
- Lesson: Even verified accounts aren't safe—never send crypto based on urgent social posts.
2. Ongoing Elon Musk / Celebrity Impersonation & Deepfake Giveaways (2018–2026) – Hundreds of millions in cumulative losses.
Scammers have impersonated Elon Musk (the most targeted) since ~2018, posting fake giveaways ("Send ETH/BTC, get double back for Tesla/SpaceX launch").
This evolved into AI deepfakes by 2024–2026.
- How it works: Fake profiles (or hijacked ones) use stolen pics/bios + deepfake videos/audio promising free crypto. Victims send to "verify" or "claim."
- Impact: Persistent for years; Kaspersky noted early waves; Chainalysis 2026 report shows impersonation scams surged 1400% YoY in 2025, part of $14–17B total crypto scam inflows.
Musk fakes alone tricked thousands repeatedly.
- Why huge: Musk's massive following + frequent crypto tweets make him perfect bait; variants hit Vitalik Buterin, CZ (Binance), etc.
- Lesson: Real celebs/projects never ask for your crypto first—bookmark official accounts.
3. Compromised Influencer/Account Takeovers for Pump-and-Dump or Giveaways (2020–2025) – Millions per incident
High-follower accounts get phished/hacked, then used to shill fake tokens, presales, or giveaways.
- Examples: Kevin O'Leary (2022), Beeple (2023), Mandiant (2024), waves in 2024 hitting People Magazine/EU accounts leading to $HACKED token pumps.
- How it works: Post "exclusive" token links or "send to claim"; followers buy/connect → drainers or rugs.
- Impact: Single takeovers net $100K–millions; broader pattern contributes to billions in social-media-origin losses (FTC: $1B+ crypto scams from social since 2021).
- Why big: Leverages real trust/followers; quick virality.
4. Mass Giveaway Spam / Bot Networks & "Drop Your Address" Scams (2022–2026) – ~$870K–$4.6M+ traced in studies.
Bot swarms reply to crypto threads with "Free SOL/ETH giveaway—drop wallet" or fake lists.
- How it works: Victims drop addresses → dusting attacks (poison tokens) or follow-up DMs/phishing.
Some require small sends for "verification."
- Impact: SDSU research (2022–2023): 95K+ scam lists from 87K accounts → ~$870K losses.
ACM study: ~$4.62M from Twitter/YouTube/Twitch giveaways via low conversion but high volume (1 in 1,000 tweets nets a victim).
- Why massive: Scales infinitely via bots; common in 2025–2026 X feeds.
5. Fake Recovery & Secondary Scams Targeting X Victims (Ongoing, 2021+) – Millions in follow-on losses.
After initial hits, scammers monitor X for "I got scammed" posts → DM as "recovery experts" demanding upfront fees.
- How it works: Promise to retrieve funds → take more crypto or keys.
- Impact: Predatory; part of broader $17B+ 2025 scam estimate (Chainalysis); hits emotionally vulnerable users hard.
- Why notable: Exploits X's public nature; turns one loss into many.
These X-centric scams thrive on urgency, trust in blue checks, and crypto's irreversibility.
Total direct losses pale vs. exchange hacks, but they reach billions cumulatively via scale and inspiration.
Rule on X: If anyone offers/promises crypto (giveaway, double, airdrop, presale), it's a scam—block, report, never engage.
Use hardware wallets, verify sources off-platform, and stay skeptical. No free lunch exists here.
