A purported $25 million giveaway of a token called GBTC – letters better associated with the $13 billion Grayscale Bitcoin Trust – is an obvious fake.
A purported $25 million crypto giveaway on the social-media platform formerly known as Twitter is – no surprise, really – indeed too good to be true.
Posts on X on Thursday and Friday lean into one of the hot stories of the moment in crypto: the Grayscale Bitcoin Trust (GBTC), which, as a result of a recent court victory, could be on its way toward being converted into a favorite traditional financial investment vehicle known as an ETF.
00:59
Chances of 50 Basis Point Fed Rate Cut Next Week Jump to 47%
00:44
Ethereum Could Benefit Regardless of the Election Results: Analyst
15:41
Is Bitcoin a 'Trump Trade'?
02:16
SUI Beat the Market With Nearly 20% Rally; Deutsche Bank Survey Shows Crypto Is Here to Stay
The core message: a claim that $25 million of a new token called GBTC – the ticker symbol associated with the real $13 billion trust – will be distributed to folks who visit a website mentioned in the post.
The catch: The account making these promises, @Grayscale_FND, has nothing to do with the real company called Grayscale, a fact confirmed by a Grayscale spokesperson on Friday; the offer is an obvious scam.
Before Elon Musk bought Twitter and renamed it X, a blue checkmark – like the one emblazoned on @Grayscale_FND’s account – was a sign the account was verified, that some measure of thought and vetting had occurred before the account got that label. Now, it means the account owner can afford $8 a month, giving rise to a proliferation of crypto scams wielding blue-checked X accounts.
The real @Grayscale X account has a gold checkmark, a designation reserved for companies and other "official" organizations. To avoid getting tricked, one thing an X user would need to know is that new distinction. But they could also be fooled by the fact that @Grayscale_FND uses the logo of the real Grayscale.
A CoinDesk journalist was made aware of @Grayscale_FND's posts because somebody spammed him with it on X. @Grayscale_FND doesn't accept direct messages from accounts it doesn't follow, so there is no way to reach whoever is behind it.
Grayscale is, like CoinDesk, owned by Digital Currency Group.
The reply to an email sent to X's address for the press: "Busy now, please check back later."
Flashback (2019): Someone Is Impersonating Bitcoin Futures Platform Bakkt to Raise Money
Edited by Marc Hochstein.
Disclosure
Please note that our
and
do not sell my personal information
has been updated
.
CoinDesk is an
media outlet that covers the cryptocurrency industry. Its journalists abide by a
strict set of editorial policies.
In November 2023
by the Bullish group, owner of
a regulated, digital assets exchange. The Bullish group is majority-owned by
Block.one; both companies have
in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
Nick Baker is CoinDesk’s deputy editor-in-chief and a Loeb Award winner. He owns more than $1,000 of BTC and SOL.