Bill Pulte has given away nearly $150,000 to encourage people to buy Bitcoin. The millionaire philanthropist began the giveaway on July 9th, 2019 to promote greater adoption of Bitcoin.
However, there is a lot of speculation on the giveaway as some say that it gives scammers a platform to prey on unsuspecting people and defraud them of their Bitcoin investment. Others speculate that the millionaire seeks to promote himself as a brand through these giveaways. This self-serving result manifests in the nearly 3,000,000 followers he has garnered on Twitter across the one year he has run the campaign. This number is against the 10,000 followers he had in 2019 before beginning this offer.
Pulte told his followers on July 9, 2019, that he would give away cash through CashApp to those who retweeted his posts or commented on them. True to his word, he had distributed $625 across six followers by the following day. He insists that the donations should only buy Bitcoin as he believes the cryptocurrency will only get stronger as the days pass.
Pulte is a firm believer in giving away the cryptocurrency, saying that it will go a long way to help the impoverished in society. Apart from Bitcoin, the millionaire has also given away cars and cash to help out people.
The philanthropist keeps a database of the people he donates to and gives money ranging from $10 up to a cool $15,000. He inherited part of his fortune from his billionaire grandfather, William John Pulte, and reportedly owns 11 BTC currently exceeding $100,000 in value.
Bill Plutz has faced some scrutiny in the giveaway he is undertaking. His enterprise seems genuine as some high-ranking YouTubers and Donald Trump recognize him. He also does not shy away from interviews or answering questions about what he does.
The only concern about his scheme is that it allows fraudsters to exploit his giveaway and impersonate him to rob unsuspecting citizens of their cryptocurrency.
Group IB, a cybersecurity company, has studied the different ways fraudsters use to defraud people. They have found that fake cryptocurrency giveaway raffles are one of their favorite tricks.
Ilia Rozhnov, one of the company heads, says that celebrities and philanthropists have to monitor the use of their names in the online world to stamp out fraudster activity. Several notable cases have hit the limelight in recent years, with one such example in 2018. Fraudsters managed to get away with $59,500 when they impersonated Telegram founder Pavel Durov. They opened a fake Twitter account in his name and pretended to give away cryptocurrency in response to a genuine tweet about Telegram’s power failure.
Fraudster activity is said to have accumulated about $24 million in 2020 alone. This activity calls for a lot of vigilance to extinguish it. However, many do not have faith in Pulte as they believe he exploits his riches by dangling them in the face of those who have little to spare.