Vertcoin joins growing list of hijacked Twitter crypto accounts

Vertcoin joins growing list of hijacked Twitter crypto accounts

It appears that the cryptocurrency market continues to be compromised by scammers and fraudsters at every turn with the latest victim being Vertcoin.

At around 20:00 UTC on Tuesday, the @Vertcoin account tweeted that its developers were “doing a 10 BTC giveaway” to its followers. The now deleted tweet asked users to send 0.005 BTC to a specific address to enter what was clearly a scam contest.

Hey, everyone! Vertcoin and staff are pleased to announce that we’re doing a 10 BTC giveaway to our followers to celebrate Vertcoin’s success. Send 0.005 to 3HU5sj7kB6wT9zRwpbhCRrR28vKWjfkMKf enter! Winner will be announced 5/3/18 at 8pm EST. — Vertcoin (@Vertcoin) May 1, 2018

The tweet immediately caused considerable consternation amongst community members who are known to be very loyal and were instantly suspicious. The tweet was very similar to several scams involving cryptocurrency giveaways that have invaded the Twitter space for the past several months. These are giving an extremely bad name to the cryptocurrency world, which is still seen as an unsafe haven for prospective investors who are looking to bite the bullet.

The tweet was confirmed as a scam when Vertcoin’s lead developer James Lovejoy tweeted from his personal account confirming the hack and that the company’s Twitter account had been compromised. Lovejoy called on all users not to accept any giveaways confirming that they were all fake.

The scammer’s operation was not much of a success, however. At the time of writing, the BTC address had received less than 0.007 BTC, which translates into a pathetically low $61. Only one transaction of 0.005 BTC went through with just one user falling victim to the scam. The tweet still remained online as at 21:54UTC however there were no more posts from the scammer. It is unknown whether any private messages were sent from the compromised account.

Unfortunately for Twitter and the cryptocurrency world in general, scams have run riot on the platform in recent months. This despite Twitter CEO Jack Dorsey’s pledges that the company is working assiduously to get them removed. It actually contributed to the problem some weeks back when it verified a scam Verge account which caused havoc on the platform. The scammers typically use false accounts to imitate well known industry figures and companies formulating replies to official account tweets, which, in turn, attempts to trick gullible users to send cryptocurrency.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
What's the truth? German startup claims $50M ICO scam a PR stunt

What’s the truth? German startup claims $50M ICO scam a PR stunt

The world of initial coin offerings (ICOs) continued to take a beating of late, and the emergence of a new scheme involving a missing $50 million planted another nail into the coffin of this highly dubious activity—but was it really a scam?

Yassir Hankir, CEO of German startup Savedroid, caught the attention of the cryptocurrency community as well as his investors with a Twitter post on April 18, where he can be seen posing with a beer at some beach in Egypt with the message, “Over and Out.”

Visitors to Savedroid’s ICO website were greeted with a South Park meme, while a video also surfaced on YouTube showing the Savedroid office looking pretty deserted, an indication that everyone involved in the startup had done a runner.

Hankir, however, resurfaced on Thursday in another YouTube video claiming that the exit scam was really a Savedroid PR stunt to push for “high quality ICO standards.” The startup’s ICO site was also back online with an announcement that an ICO advisory is “coming soon.”

“Yes, we are still here, not gone. And we’re never gone, and of course, we’ll be here in the future for the Savedroid community,” Hankir said, noting that the act was not meant to be a prank but a means to convey a “serious message” for the ICO community to establish “high-quality ICO standards.”

The damage, however, has already been done. Financial commentators had indicated warning signs that Savedroid was a scam when the project allegedly accepted no less than 56 different cryptocurrencies in payment. Normal ICOs only accept payments made in SegWit-Con BTC and Ethereum usually, with only a small number of projects acknowledging the existence of other currencies.

As with many scam ICOs, the project description for Savedroid was quite intriguing. It was allegedly supposed to “build a user interface that will make a cryptocurrency investment just as simple as a savings account.” Savedroid stated further that its mission was to eliminate adoption barriers and make cryptocurrencies accessible to everyone. However, it all seems to have gone horribly wrong.

Another recent ICO that has garnered a lot of bad publicity has been Telegram, which has now been taken over by hackers and spoofs. It remains to be seen what will happen with the $1.7 billion collected by the ICO, although there is no real proof that this ever happened. To add to the difficulties for the ICO, Telegram has suffered from sanctions in one of its strongest markets, Russia.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
Couple behind $17M BTC investment scam in the Philippines arrested

Couple behind $17M BTC investment scam in the Philippines arrested

Philippine authorities arrested a couple accused of using the popularity of cryptocurrencies like Bitcoin to scam dozens of would-be investors in the country, local media outlets reported.

The couple, Arnel and Leonay Ordonio, allegedly scammed 50 people into investing in SegWit-Coin BTC (otherwise known as Bitcoin Legacy or Core) in 2017. Police said the Ordonios convinced their victims to invest in a company called “NewG,” promising a 30% return on their investments every 15 days. The couple amassed an estimated PHP900 million (US$17 million) from this scheme, according to police officials.

One of the victims said she had a hunch that she was being scammed when the couple started posting on social media that they will be unable to pay their investors. Philippine National Police Chief Ronald Dela Rosa told reporters the value invested in the company could rise as more victims are expected to come out of the woodwork.

The PNP’s Criminal Investigation and Detection Group has filed fraud charges against the couple, although authorities are considering upgrading Ordonios’ case to economic sabotage.

Cases of pyramid schemes continue to grow in the country with many people falling into these traps.The proprietors of the scheme gave investors an opportunity to create an “upline system”that promised huge returns.In these cases, investors were required to bring in other people in order to create ‘down lines’ and, in the process, increase their commission.

Countries like India, China, Japan, Australia among others have their own share of these fraudulent activities. Despite the efforts taken by authorities to curb these criminal activities, many investors end up losing their hard-earned money. From using celebrities photos to creating lucrative upline systems, criminals are working hard to earn from the cryptocurrency market.

However, efforts by the authorities around to have cryptocurrency regulated are not in vain. Unlike before,people are better informed on cryptocurrency and other blockchain-related activities and there are clearer regulations governing cryptocurrencies around the world, making it easier to bring scammers like the Ordonios to justice.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Scam ICO Miroskii uses Ryan Gosling’s photo as their graphic designer

Scam ICO Miroskii uses Ryan Gosling’s photo as their graphic designer, yet people fell for it

This is both funny and sad at the same time.

With ICO scams being rampant, checking a project’s white paper is an important part of doing your due diligence before throwing money at some strangers online. But it’s not fool-proof: it’s easy for scammers to copy and paste a legitimate project’s documentation and post it as their own, adding a false sense of credibility to their scam. Scam websites have also been becoming more sophisticated, thanks to easy DIY website design services being so accessible.

While being victimized by scams is nothing to joke about, some scammers do provide a bit of comic relief. Miroskii, an ICO claiming to build a “decentralized bank,” had a pretty decent white paper. “Banking without bankers,” they proclaimed. Things seemed to check out at first, that is, until you see who their graphic designer is.

Scam ICO Miroskii uses Ryan Gosling’s photo as their graphic designer, yet people fell for it

The company listed a certain “Kevin Belanger” as their graphic designer, with Ryan Gosling’s photo displayed as Belanger. Even though this is probably one of the funniest gaffes in cryptocurrency scams, sadly people still fell for it. The ICO made off with $830,000 and now the website is—surprise, surprise, gone. An investigation by CNET also revealed that the rest of the team profiles were also fake.

This isn’t the only team bluff that made the rounds on the internet as of late, and it probably won’t be the last. Stock photos are a go-to resource for scam websites, but some pull photos of lesser known but otherwise normal and legitimate persons online. This was the case for another exposed ICO scam called Benebit, which took photos of professionals from LinkedIn and passed them off as their own team.

But some are more dangerous, as they go as far as to use real people’s photos and also their real names. Luckily, some reach out to confirm the association with the actual person. Last year, a shady team that claimed to be reviving SegWit2x had to take down their CEO’s profile, after the latter filed a complaint saying he has nothing to do with the project.


To be safe, do a thorough background check of every person on a blockchain project’s team, no matter how convincing their white paper is. It will be a tough job these days with countless projects popping up by the day, but it’s worth suffering through the research to dodge a potentially massive con.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.