The latest victim of the ongoing crypto-related Twitter scamming spree is Substratum, which had its official account compromised, tweeting a fake announcement stating that the project had been “accepted for listing on Coinbase.” In response to the fake post, the price of Substratum (SUB) surged nearly 15% in less than 10 minutes.
While the price quickly fell back to earth, it is fair to assume that the hackers probably had sizeable positions in Substratum prior to the hacking event and sold into the spike in buying volume.
Even after Substratum tweeted that it gained back control of its account, a number of impersonator accounts, with slight variations in the account name, moved in to further try and scam followers of the project.
The @SubstratumNet Twitter account was temporarily hacked. We have regained control. Thank you for your patience.
— Substratum (@SubstratumNet) May 2, 2018
This is the third major Twitter account hijacking in under a week, all of which tried to scam cryptocurrency from the followers. Last Saturday, Telegram CEO, Pavel Durov, saw his Twitter account impersonated by scammers attempting to solicit cryptocurrency from his 1.5 million followers, and Vertcoin (VTC), a popular cryptocurrency designed for peer-to-peer payments, had its official Twitter account hacked on Tuesday.
As we report now multiple times a week, Twitter has yet to release any official announcement related to these ongoing scams.