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New Dogecoin Scam Making Rounds on Twitter

7 Aug, 20222 min readAltcoins
New Dogecoin Scam Making Rounds on Twitter

The official Twitter account of the Dogecoin cryptocurrency has posted a warning about a new scam that is making the rounds on the social media platform.Scammers pretend to be a tech support service for those who are having “difficulties, complaints or issues” with the meme coin.After contacting the sham account, users are tricked into setting up a fraudulent wallet that asks them to enter their seed phrase in order to solve their tech problems.The official Dogecoin account has stressed that users should never share their seed phrases or account information, which remains the cardinal rule of crypto.

Notably, the sham account in question was created all the way back in 2012 (before Dogecoin was even launched).

After the meme coin experienced a massive surge in popularity in 2021, its holders, who are mostly inexperienced speculators, became an easy target for scammers.

There’s been a slew of

that ended up being worthless scams.

As

, cryptocurrency sleuth Elliptic recently revealed that there had been a sharp increase in Dogecoin transactions linked to illegal activities on the dark web.

In June, Dogecoin co-founder Jackson Palmer went as far as saying that cryptocurrencies are the

. However, he doesn’t think that the meme coin itself is a scam despite being highly critical of those who have attempted to speculate on its price swings.

A Dogecoin buyer recently filed a class-action lawsuit against Tesla CEO Elon Musk that accuses him of promoting the token.

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