Elon Musk’s purchase of Twitter has led to the emergence of fraudulent crypto exchanges

Amid the information that Elon Musk has finally acquired Twitter, ads for fake cryptocurrency assets that use the billionaire’s personality to promote them have gone viral. According to PeckShieldAlert, just one day before the owner of Tesla and SpaceX finally ended the long saga, several tokens with the names «TWIT», «Chief Twit», «Chief Elon Twit», «CryptoTwitter», and «Twitter Inu» were issued on the Ethereum and Binance Smart Chain networks.

Experts from cybersecurity company PeckShieldAlert warn the Twitter community and all cryptocurrency enthusiasts about the dangers of getting involved in such projects, especially since four fake Elon Musk tokens have already dropped in value by 98%.

The recent news of the completion of the deal to buy the social network Twitter has led to an increase in the quotes of the Dogecoin cryptocurrency, which Musk has repeatedly promoted. Over the past week, its rate has risen by 30%, the best result among the thirty largest cryptocurrencies by capitalization.

Musk himself explained the purchase of Twitter as his act of helping humanity. «The reason why I made a deal with Twitter is because it is important for our civilization to have a common virtual space where we can express any point of view and hold debates. Here, we don’t have to be afraid of violence,» the billionaire emphasized.

Musk has already announced that he will lay off 75% of the social network’s employees (and started with the company’s CEO). To transform the social network, he will reduce the staff from 7,500 employees to just over 2,000, which will significantly affect Twitter’s operations.