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  • The Instagram account is registered under the handle buterin_vitalik and boasts of 24,000 followers.
  • Ethereum price is hammering on the support turned resistance at $220; it’s also supported at $215.

Social Media platforms like Facebook and Twitter have been fighting against fraud for a while now. While there is a significant decrease in the scams on these platforms, fraudsters are currently looking for other platforms like Instagram for their mischievous activities.

This brings us to the latest report regarding a fake Instagram account that has scammed its followers at least 37 Ethers. The account purports to belong to Ethereum’s co-founder, Vitalik Buterin. In many ways the account resembles other fake accounts that promise followers “giveaways” but in retrospect they are scams.

This account is registered under the handle buterin_vitalik and boasts of 24,000 followers. About 7 cryptocurrency users appear to have been convinced to send 37.491 ETH (net) to a publicized “Special Event for Instagram Community” where users are promised 100% bonus return on sending a certain amount of Ether. A specially formulate quiz from the bogus account engages the users in Q&A process after which they are asked to send between 1 ETH to 20ETH to an address in a bid to activate the ‘impending’ payout.

“We give x2 bonus to every Ethereum holder who completed the quiz. To get the bonus you should prove the fact you’re a real holder by sending 1 to 20 ETH to a special wallet. The limits are strict. Such measures were introduced also to avoid cheating,” the quiz introduces.

Unfortunately, none of the users who have sent their ETH to the “special” address have received the bonus funds. This account appears to have studied the Russian-Canadian programmer in ways that exemplify Vitalik Buterin’s eloquence and diplomatic approaches to decentralization. The impersonation has been carefully orchestrated and in many ways, it would leave most cryptocurrency enthusiast perplexed at the level of the cunningness shown.

Vitalik has come out many times making it clear that he is a non-Ether giver. Similarly, he has gone ahead to outline his three major social media accounts terming the rest as insignificant or bogus. However, for the ardent follower of the cryptocurrency space, it would not be difficult to point out the obvious mistakes in the above Instagram impostor account.

Ethereum price technical picture

Ethereum has slashed off huge chunks of the gains made over the last one week. The short-term support at $220 did not stand a chance in the overarching declines. Ethereum is down more than 2% on the day. The good news is that a support was established at $215 as a correction to $220 is underway. ETH/USD is trading at $219 while the trend has been revamped upwards as observed using the RSI and the MACD. The 15′ 50SMA will hinder movement at $220.69 while the 100SMA at $223.78.

ETH/USD 15′ chart