A friend of mine, Jake, recently lost a significant amount of Ethereum due to a fake giveaway scam. He saw a Twitter post from what looked like a verified crypto influencer announcing an ETH giveaway to celebrate a milestone. The post had thousands of likes and comments, with people claiming they had received free Ethereum. It seemed like a legitimate opportunity, so he decided to participate.

The instructions were simple: send 0.5 to 2 ETH to a listed wallet address, and they would “double” the amount as part of the promotion. The post even had screenshots of transactions showing people receiving their “rewards.” Excited about the chance to make easy money, Jake sent 1 ETH to the address. He waited for the promised 2 ETH in return, but nothing happened.

After a few hours, he checked the comments again and saw that some people were starting to complain about not receiving anything. Then he noticed something strange—the original tweet had disappeared. He searched for the account and realized it had been suspended. That’s when it hit him: he had been scammed. The entire giveaway was fake, and the wallet address belonged to a scammer.

Jake tried everything—contacting Twitter support, reporting the wallet address, and even reaching out to the real influencer, who confirmed they had nothing to do with the scam. But there was no way to recover the lost Ethereum. The scammer had already moved the funds through multiple transactions, making it impossible to trace.

Crypto giveaway scams are everywhere, especially on social media. Scammers impersonate celebrities, influencers, and even well-known crypto companies to trick people into sending funds. They use fake engagement to make their posts look real, and by the time people realize the truth, the scam is already gone.

To avoid falling victim to these scams, remember this: no legitimate company or influencer will ever ask you to send crypto in order to receive more. If a giveaway sounds too good to be true, it definitely is. Always verify official accounts, never send crypto to unknown addresses, and report suspicious posts immediately. Learning from Jake’s mistake can help others avoid the same fate.