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Category: Frauds → Giveaway & Airdrop FraudsFraudsGiveaway & Airdrop FraudsSend-to-ReceiveReading time: 9 minutes
Risk level: High
Target audience: Retail traders, social media users, crypto beginners

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Meet Ola

Ola is a 26-year-old civil servant in Port Harcourt. He’s relatively new to crypto—he bought some Bitcoin and Ethereum last year and follows crypto news on Twitter. One afternoon, he sees a tweet that appears to be from Binance (the blue verification checkmark is present):
”🎉 BINANCE ANNIVERSARY GIVEAWAY 🎉 Celebrating 7 years! We’re giving away ₦10B to early supporters. HOW TO ENTER: Send 0.1 BTC to [wallet address] and receive 1 BTC back! First 500 senders qualify. Act fast! ⏰ Retweet to spread the word 🚀”
The account looks real—it has the Binance logo, 2M followers, and a blue checkmark. Ola thinks: “This is huge. If I send 0.1 BTC (~~₦500,000), I’ll get 1 BTC (~~₦5,000,000) back. This is a no-brainer.” He doesn’t think critically. His FOMO takes over.

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What Happened

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Step 1: The Impersonation

The account impersonating Binance is not actually Binance’s official account. It’s a fake account created just a few hours ago, but with a high-quality clone of Binance’s profile image, banner, and bio. Twitter’s verification checkmark appears on many accounts (including bots with paid verification in some periods). A fake account with a profile that looks like Binance is enough to fool most retail users.

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Step 2: The Send

Ola transfers 0.1 BTC to the wallet address provided in the tweet. The transaction is confirmed on the blockchain. The ₦500,000 is now gone from his wallet.

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Step 3: Waiting

Ola watches the wallet address on the blockchain to see if the promised 1 BTC arrives. It never does. He replies to the tweet asking for updates. His reply is ignored or deleted. Hours later, he tries to verify the account. He checks Binance’s official website and their real Twitter account. He realizes the account he sent to was a fake. The fake account has since removed the giveaway post and deleted many followers. Ola’s ₦500,000 is gone forever. It sits in the scammer’s wallet, waiting to be moved through a mixer or exchange.

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Why This Scam Works

  1. Perceived authority: A Twitter account that looks like Binance (same logo, same bio language) feels official.
  2. Verification badge: The checkmark (which can be obtained through various means) adds legitimacy.
  3. FOMO + greed: A 10x return is too good to ignore, so people don’t think critically.
  4. No-risk framing: “You receive the money back” sounds safe, so people assume it’s legitimate.
  5. Impossibility ignored: People ignore the absurd premise (why would any company send 10x back?).

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Where the Scammer Won

  • Urgency: “First 500 senders,” “Act fast” pressures people into not thinking.
  • Authority mimicry: The fake account looks official enough.
  • Greed: The 10x promise overrides skepticism.

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What Ola Could Have Done (Prevention)

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Before Sending

Always verify the official account. Go to Binance’s official website and find their real Twitter handle. Compare it to the account asking for money.
No legitimate giveaway asks you to “send to receive.” This is the classic scam structure. Real giveaways (if they exist) ask you to retweet, follow, or answer a question—not send funds.
Use the “too good to be true” filter. A 10x return is too good to be true. Assume any offer of easy money is a scam.
Check account age and followers. A brand-new account (even with the blue checkmark) is suspicious. Legitimate brands have established accounts.

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Red Flags Checklist

  • “Send X to receive 10X.”
  • Account age is days or weeks old.
  • Similar name to a major brand but not the official account.
  • Urgent language: “Act now,” “First 100,” “Limited time.”

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If You Already Sent

1

Contact Your Exchange

If you sent from a verified account, contact your exchange and report the transaction.
2

Report the Fake Account

Report to Twitter/X for impersonation.
3

Report the Receiving Wallet

Report to ChainAbuse.
4

Accept the Loss

Once sent on the blockchain, crypto transactions are irreversible.
5

Do Not Send More Money

Do not send more money to any recovery service claiming they can help (see Recovery Scam Trap).

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How Send-to-Receive Scams Work

What happens: Scammer creates fake account mimicking legitimate brand (Binance, Coinbase, etc.) with similar logo, bio, and verification badge.
What happens: Fake account posts giveaway promising “send X, receive 10X” with urgent language to create FOMO.
What happens: Victims send crypto to the provided wallet address, believing they’ll receive more back.
What happens: Scammer never sends anything back. Funds are moved to mixer or exchange. Fake account may be deleted or post removed.

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Key Learning

No cryptocurrency needs to be sent to receive it. If someone asks you to send crypto to receive crypto, it’s a scam. Period.

Fake Airdrop Claim Site

See how fake airdrop sites drain wallets

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 addresses

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References

  1. FTC - Cryptocurrency Giveaway Scams
  2. Binance - How to Identify Fake Giveaways
  3. ChainAbuse - Report Scam Addresses