Share this article
A New Crypto Scam Shows Perils of Elon Musk's Twitter
A purported $25 million giveaway of a token called GBTC – letters better associated with the $13 billion Grayscale Bitcoin Trust – is an obvious fake.
Updated Sep 8, 2023, 9:23 p.m. Published Sep 8, 2023, 6:42 p.m.
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Robinhood leaning into advanced traders as crypto volatility reshapes user behavior
The trading platform is increasingly catering to advanced crypto traders with tools tailored to active, tax-aware users, its head of crypto said.
What to know:
- Robinhood is increasingly targeting advanced crypto traders with new features like tax-lot selection and deeper liquidity access.
- The platform, once known for attracting beginners, is seeing more experienced users shift from rivals like Coinbase.
Top Stories
