The recent $25 million cryptocurrency giveaway, supposedly taking place on the social media platform formerly known as Twitter, has turned out to be too good to be true. The scam revolves around the Grayscale Bitcoin Trust (GBTC), which has gained attention due to a potential conversion into an ETF following a recent court victory.

The fraudulent posts claim that $25 million worth of a new token called GBTC, associated with the legitimate $13 billion trust, will be distributed to individuals who visit a website mentioned in the posts. However, it has been confirmed by a Grayscale spokesperson that the account responsible for these promises, @Grayscale_FND, is not affiliated with the actual Grayscale company. This makes it evident that the offer is a clear scam.

In the past, a blue checkmark on an account, like the one displayed on @Grayscale_FND’s account, indicated verification and a certain level of credibility. However, since Elon Musk acquired Twitter and renamed it X, the blue checkmark now simply signifies that the account owner can afford a monthly fee, leading to an increase in crypto scams utilizing blue-checked X accounts.

The genuine @Grayscale X account, on the other hand, possesses a gold checkmark, reserved for official organizations and companies. To avoid falling victim to such scams, X users need to be aware of this distinction. However, they could still be deceived by the fact that @Grayscale_FND uses the logo of the real Grayscale.

A CoinDesk journalist became aware of @Grayscale_FND’s posts after being spammed with them on X. Unfortunately, since @Grayscale_FND does not accept direct messages from accounts it doesn’t follow, there is no way to contact the person or group behind the account. It is worth noting that Grayscale and CoinDesk are both owned by Digital Currency Group.

An email sent to X’s press address received a response stating that they are currently busy and to check back later.