Crypto glossary
Giveaway scam (double your crypto)
A giveaway scam promises to send back double any crypto a victim sends, usually by impersonating a celebrity, a company or an exchange on social media.
The script rarely changes: a famous name supposedly celebrates a milestone by giving away bitcoin or ether, and anyone who sends a small amount to an address will receive twice as much back. The message appears in hijacked accounts, fake profiles with verified-looking badges, replies under real posts and livestreams that replay old interviews with a scam QR code on screen.
The trick works because it borrows trust from the impersonated person and creates urgency with countdowns and fake transaction feeds showing others being paid. The 2020 takeover of high-profile Twitter accounts, including those of politicians and tech founders, pushed exactly this message and collected bitcoin within hours. Hijacked YouTube channels renamed to look like official company channels are another common vector.
No legitimate person or company gives away crypto in exchange for a deposit. Any address that receives funds in these schemes belongs to the scammer, and payments cannot be reversed. Reporting the post or stream helps get it removed faster, but money already sent is almost always lost.
Example
A YouTube channel renamed after a well-known exchange streams an old interview with its CEO and a QR code promising to double any ETH sent in the next 30 minutes.