Numerous scam tokens have launched under the symbol “TWIT” following Elon Musk’s latest Twitter bio change related to his acquisition of the company.
With just a day to go before the billionaire acquires Twitter, Elon Musk has changed his bio on the platform to read “Chief Twit.”
In the aftermath, multiple tokens named either “TWIT” or “Chief Twit” were released on Ethereum and Binance Smart Chain, according to PeckShieldAlert on Twitter.
Some other tokens go by the name “Chief Elon Twit,” “CryptoTwitter,” and even “Twitter Inu”.
“～25% of them appear to be honeypot, and 4 out of them have already dropped more than -98%,” explained PeckShield
Musk is notorious for being able to move the crypto community and market with just a single tweet.
For example, Dogecoin – his favorite cryptocurrency – is rallying ahead of his Twitter acquisition deal, even compared to other top assets in the market. The cryptocurrency did the same when the CEO announced that he’d accept it for payment.
Musk’s identity is also commonly used in crypto giveaway scams, like many other top industry influencers.