News18» News»Tech»Dogecoin Has A Warning For Everyone: Do Not Fall For Scams That Promise To Double Your Coins
3-MIN READ

Dogecoin Has A Warning For Everyone: Do Not Fall For Scams That Promise To Double Your Coins

Dogecoin Has A Warning For Everyone: Do Not Fall For Scams That Promise To Double Your Coins

It isn’t just Dogecoin that is on the scammers’ radar. There are similar scams happening for other cryptos as well, including Bitcoin and Ethereum.

The excitement around the Dogecoin cryptocurrency is such that the scams have inevitably started. So much so that hours after these scams came to light on Twitter during Elon Musk’s Saturday Night Live appearance, Dogecoin has issued an advisory for all cryptocurrency holders. Dogecoin has warned against falling for any promises or giveaways for multiplying your crypto coin holding, because these are essentially scams. This comes after it was discovered that scammers on Twitter were hacking unused but presently inactive Twitter accounts to promote these giveaway scams. The way these giveaways work is that they’d ask cryptocurrency holders to send a in the amount of crypto coins to an address mentioned on the scam page, with the promise of multiplying your coins in return. It isn’t just Dogecoin that is on the scammers’ radar. There are similar scams happening for other cryptos as well, including Bitcoin and Ethereum.

“A word of warning: Do not send coins to people claiming they will double, triple or otherwise multiply your coins. Those are scams. We can not return your money to you either. Please watch out and remember if something sounds to good to be true, it likely is,” says Dogecoin in a tweet. This scam sees unsuspecting users share their crypto coins with these accounts, who obviously don’t share any returns promised and instead disappear with your coins. A lot of these fake pages were flagged by the MalwareHunterTeam on Twitter, who also shared data with Bleeping Computer which suggests that scammers have made at least $97,054.62 over the past two days, via these scams of collecting coins from users while promising them greater returns. This isn’t the first time it’s happening though. In 2018, scammers made away with as many as $180,000 in a giveaway scam promoted on Twitter, which also saw one of the scammers reply to an Elon Musk tweet with the link to the scam.

Over the weekend, there was tremendous excitement that saw Elon Musk host Saturday Night Live, with great expectations that as the most high profile supporter of the Dogecoin cryptocurrency, we’d see a massive spike in the crypto’s value. At least that’s what anyone holding these crypto coins hoped for. That didn’t happen and in fact, the currency crashed after Musk referred to it as a “hustle” on SNL. Dogecoin started out as a joke and a bit of a fun alternative to Bitcoin back in 2013, but caught the attention of many after Musk tweeted a while ago hinting that people should buy more Dogecoins. On the SNL appearance, Musk was pressed on repeatedly by the hosts to explain “What is Dogecoin” and while he did say something about Dogecoins taking over the world, the fact that he said “Yeah, it’s a hustle” saw the cryptocurrency’s value tumble.

The Elon Musk owned SpaceX is pretty much doing what Musk promised though. Elon Musk had earlier tweeted, on April 1 which did make some folks wonder, “SpaceX is going to put a literal Dogecoin on the literal moon”. It is happening. Dogecoin to the moon. Quite literally. SpaceX will be launching a satellite called DOGE-1 which will take flight on the Falcon 9 rocket sometime in the first quarter of 2022. SpaceX is now accepting the Dogecoin cryptocurrency. The DOGE-1 is a cubesat, which is designed to collect what is called as lunar-spatial intelligence using on board cameras, sensors and communications systems. The DOGE-1 mission was announced by Geometric Energy Corporation (GEC) who say that the this will be the first-ever commercial lunar payload in history paid entirely with DOGE.

Read all the Latest News, Breaking News and Coronavirus News here