A New Crypto Scam Shows Perils of Elon Musk's Twitter

A purported $25 million giveaway of a token called GBTC – letters better associated with the $13 billion Grayscale Bitcoin Trust – is an obvious fake.

Posts on X on Thursday and Friday lean into one of the hot stories of the moment in crypto: the Grayscale Bitcoin Trust (GBTC), which, as a result of a recent court victory, could be on its way toward being converted into a favorite traditional financial investment vehicle known as an ETF.

A claim that $25 million of a token called GBTC – the ticker symbol associated with the real $13 billion trust – will be distributed to folks who visit a website mentioned in the post.