KuCoin has warned users about scammers who have set up fake Twitter accounts. The exchange advised users to be wary of any suspect accounts asking for money. The fake accounts have been posing as crypto businesses and developers and have been asking people for funding, under the promise that big profits will be made off of their donation.

With cryptocurrency becoming increasingly popular, several people interested in getting into the world of crypto have fallen victim to the scams, which are becoming more and more common. According to Coindesk data, scammers have successfully racked up thousands of dollars as the result of the scams.

Scammers posing as developers will often present the scam as a giveaway and will only send funds promised to around 50-100 of those who reply. Recently, user @SatoshiLitev took on the identity of Charlie Lee, the litecoin founder and promised litecoins to the first sixty people to send funds to the user. The scammer reportedly amassed a stash of litecoin worth $1489.56 through the scam.

Brad Garlinghouse, who is the chief executive of Ripple, said that scammers had become more and more common following a scam by user @bgarlinghaus. The user offered to donate millions of XRP tokens in exchange for funds. Twitter has responded by suspending the account.