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Category: Frauds → Giveaway & Airdrop FraudsFraudsGiveaway & Airdrop FraudsImpersonationReading time: 9 minutes
Risk level: High
Target audience: Social media followers, retail

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Meet Folake

Folake is a 30-year-old entrepreneur who follows Brian Armstrong (Coinbase CEO) on Twitter for crypto industry news. One morning, she sees a tweet from an account that looks like Brian Armstrong:
  • Blue verified checkmark ✓
  • “Brian Armstrong | CEO @ Coinbase” in the bio
  • Thousands of followers
  • Recent tweets about crypto and Coinbase
The tweet reads:
“Celebrating our 10M users! Giving away $10M in crypto. Reply with your wallet address + retweet to qualify. Winners selected in 24 hours! 🎉 Let’s spread wealth. #Coinbase #Giveaway”
Folake thinks: “This is real! The CEO is giving away money. I should enter.” She replies with her wallet address and retweets.

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What Happened

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Step 1: The Fake Account

The account is not Brian Armstrong. It’s a fake account created to mimic his appearance. The blue checkmark could have been:
  • Obtained through a paid verification service (some platforms offer this).
  • Added through a browser extension that fakes checkmarks.
  • Spoofed through a phishing site that mirrors Twitter.
The account has thousands of followers because bots and people fooled by the appearance follow it.

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Step 2: The DM

A few hours later, Folake gets a DM from the fake account:
“Congratulations! You’ve been selected as a winner. To receive your ₦1,000,000, please confirm your identity by sending 0.001 BTC to [wallet] to verify your wallet ownership. This is a standard KYC step.”
Folake is excited but also hesitant. Something feels off about needing to send Bitcoin to receive Bitcoin. But the DM is insistent, and the scammer uses authority language (“KYC step,” “standard process”). She sends 0.001 BTC (~₦5,000).

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Step 3: Escalation

The scammer replies:
“Thank you for the verification deposit. Your winner status is confirmed. To process the final release of ₦1,000,000, we require a small tax clearance fee of ₦50,000.”
Folake has now invested ₦5,000 + ₦50,000 = ₦55,000 to potentially receive ₦1,000,000. But something in her gut says this is a scam. She stops responding. She never receives the ₦1,000,000. The scammer stops replying. Folake lost ₦55,000 and wasted her emotional energy on a fake giveaway.

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Where the Scammer Won

  1. Account impersonation: The fake account looked enough like the real Brian Armstrong to pass a casual glance.
  2. Verification badge: The checkmark (spoofed or paid) added legitimacy.
  3. Authority: Framing it as an “official Coinbase giveaway” made it seem real.
  4. Incremental asks: First a “verification deposit,” then a “tax fee”—the classic fee ladder.

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What Folake Could Have Done (Prevention)

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Before Engaging

Verify the account independently. Go to Coinbase’s official website and find the real CEO’s Twitter handle. Compare it to the account in question.
Check account age and tweet history. A fake account may have inconsistent posting history or be very new.
Never trust offers that come via DM. Real giveaways announce winners publicly, not via DM.
If it seems too good to be true, it is. A CEO giving away ₦1M to strangers is unrealistic.

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Red Flags Checklist

  • Giveaway offered via DM (not public announcement).
  • Requires sending money or crypto “upfront” for “verification.”
  • Account is newly created or has unusual posting patterns.
  • “Tax fee,” “KYC deposit,” or “verification fee” required.

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If You Already Engaged

1

Stop Replying

Do not send more money.
2

Report the Fake Account

Report to the platform for impersonation.
3

Report to ChainAbuse

If crypto was sent, report the wallet address.
4

Block and Ignore

Block the scammer and do not engage further.

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How Impersonated Influencer Scams Work

What happens: Scammer creates fake account mimicking celebrity/founder with similar name, bio, and profile picture. May obtain fake verification badge.
What happens: Fake account posts public giveaway announcement. Asks followers to reply with wallet address and retweet.
What happens: Scammer DMs victims claiming they won. Asks for “verification deposit” or “KYC fee” to claim prize.
What happens: After first payment, scammer requests additional fees (tax, processing, etc.). Uses authority language to pressure compliance.
What happens: Once maximum extraction achieved or victim stops paying, scammer disappears. No prize is ever delivered.

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Key Learning

Real giveaways do not ask you to send money first. If you have to pay to “claim” a prize, it’s a scam.

Send-to-Receive Giveaway

See how fake giveaways steal funds

Frauds Category

Explore all types of giveaway and airdrop frauds

Check Your Wallet

Verify if addresses are reported as malicious

Report a Scam

Report fraudulent giveaways and impersonators

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References

  1. Twitter/X - How to Report Impersonation
  2. Coinbase - Official Account Verification
  3. FTC - Celebrity Impersonation Scams