But the scammers have found ways to evade these restrictions, sometimes by using different characters but still maintaining a display name that appears to be "Elon Musk" at first glance - like using special characters that, with Twitter's font, look like a certain letter in the name.
Twitter has attempted to combat these scams by blocking accounts without mobile verification from adding "Elon Musk" into their display name.
After Twitter reportedly restricted (and banned) numerous accounts sharing the likeness of Tesla & SpaceX CEO Elon Musk, one of the social media platform's foremost stars, reports have arisen that claim that the world-renowned entrepreneur has been impersonated yet again, this time in a context pertaining to Bitcoin (BTC). A closer look at the user's Twitter handle will reveal the account doesn't belong to Elon Musk, it's an imposter looking to capitalise on the crypto craze.
Accounts which have big followers, the scammers have paid for a Twitter advertisement to promote the tweet, resulting in Twitter showing the scam tweets as promoted posts.
But the victims do not receive any Bitcoin after sending money to the scammers. The users were encouraged to send a small amount of Bitcoin to an account, and a much larger amount would be sent in return. This sums up to over $135,000 at the current Bitcoin prices.
Regardless of the specifics of this scam, this odd occurrence highlights the reoccurring theme and relationship between Elon Musk, arguably the world's most well-known CEO, and Bitcoin and the nascent crypto industry, which he has seemingly lightly dabbled in. When asked for comment on the issue, Twitter told the BBC that it "doesn't comment on individual accounts for privacy and security reasons".
The scam is made to seem more trustworthy as various other compromised accounts reply to the tweet claiming that it works.
"In recent weeks, user impressions have fallen by a multiple of 10 as we continue to invest in more proactive tools to detect spammy and malicious activity". The accounts were both verified, meaning Twitter users would be more likely to trust their tweets. Let us know what you think down below!
Matalan's response to regaining control of the company Twitter account.
Recently, however, these scams have ventured outside of Musk's mentions and into timelines.