The Belgian non-profit twitter account was evidently hacked and was changed into a fake affiliate account of Coinbase, a United States crypto exchange. In an earlier tweet which has been since deleted, the fake account posted what seemed to be a scam giveaway promotion claiming to be celebrating the increase in Coinbase’s user.
The account of the Federation of Enterprises in Belgium (FEB), a non-profit organization that is focused on advancing the interests of Belgian businesses was targeted by the fraudsters.
Following the hacking of the FEB’s Twitter account, the scammers changed the account to look like it is an affiliate of Coinbase. The description of the account read “Official Coinbase Promotion Account,” and the profile and cover photos used for the account carried Coinbase branding, and also a link to the official site of Coinbase.
However, the Twitter account’s handle, which is still @VBOFEB, a combination of the abbreviations of the company’s name in Dutch and French couldn’t be changed by the scammers.
The Coinbase branding has been deleted from the Twitter account as at the time of the press, however, the accounts feed still carries the retweets from Coinbase’s official account.
The scam giveaway tweet posted evident a common crypto scam method on Twitter, requesting that a small amount of crypto should be sent by followers so as to receive a larger amount. According to the tweet, users were urged to take part in a 3,000 BTC giveaway scam, claiming it is in honor of the increase in Coinbase’s user base to “over 30,000.000 [sic] users.”
Apart from the Twitter account’s handle, there are other indications that the giveaway tweet and accounts were fake, these signs include inconsistent number formatting and grammatical blunders. According to the tweet, the alleged Coinbase’s user base was “30,000.000,” or thirty thousand, whereas the giveaway statement also notes: “We giving [sic] away 3 000 BTC.”
The host of CNBC’s Crypto Trader, Ran Neuner disclosed in October that the number of Coinbase user accounts as at that time had reached 25 million, where about 600,000 users are actively trading on the platform.
Most times scammers are found impersonating major industry names, such as Charlie Lee or Elon Musk when involving in Crypto-related giveaway scams on Twitter, where they cunningly alter the name of characters in the original account to dupe users.