To create fake giveaways, scammers took over existing accounts and changed them to appear as accounts of prominent figures in the crypto world, CoinTelegraph.com says. From such accounts, scammers would ask users to send XRP to a wallet address. In return, they promised to send back five times the money received.

With COVID-19 lockdowns taking place in the first half of 2020, social media scams have increased significantly. According to the data from the U.S. Federal Trade Commission, only in the first half of 2020 losses from social media scams reached $117 million, compared to $134 million over the whole year 2019.

Among the most notable hacks of last year was the massive Twitter breach where hackers took over high-profile accounts of Elon Musk, Barrack Obama, and Bill Gates, among others, and scammed crypto out of users.

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