According to a report in Cointelegraph, the Twitter account belonging to the Federation of Enterprises in Belgium (FEB), a non-profit organization that aims to promote the interests of Belgian businesses was hacked and turned into a fake affiliate account impersonating the major exchange Coinbase.
The fake account posted a giveaway promotion “allegedly celebrating Coinbase’s user base growth.” The tweet has now been deleted.
The scammers made the account look like a bona fide Coinbase account using Coinbase branding and a link to the official site, and called it the “Official Coinbase Promotion Account.” However, where the scammers were stumped, is that they couldn’t change the organisations Twitter account handle, which remained @VBOFEB.
The Coinbase branding has now been removed, but retweets from Coinbase’s official account remain on the page.
This type of scam is quite typical of this type of activity on Twitter as it encouraged people to send a small amount of crypto in order to receive a larger amount. In this case, the scammers’ tweet “urged users to participate in a fraudulent 3,000 BTC giveaway, allegedly in honour of Coinbase’s user base growth to over 30,000.000 [sic] users,” Cointelegraph reports.
The sharp-eyed user will have noticed that the Twitter handle didn’t match that of Coinbase. Other clues that it was a scam include inconsistent number formatting and grammatical errors. For example, “Coinbase’s alleged user base, according to the tweet, was “30,000.000,” or thirty thousand, while the giveaway statement also read: “We giving [sic] away 3 000 BTC.” In fact, Coinbase’s user base is 25 million with 600,000 active accounts, as of last October.