Cryptocurrency Scams On Twitter, Social Media Proliferate

Cryptocurrency, ICO Scams on Twitter Persist

These days, it is a nightmare to be a celebrity on twitter with crypto scammers on your timeline. In particular, the cryptocurrency scams on Twitter take control of verified accounts and pretend to offer huge giveaways. Interestingly, most of the scammers target Elon Musk, Tesla CEO. The Tesla CEO is not new to such incidents. Usually, scammers take control of other verified accounts and edit them to resemble Elon Musk’s. They then post crypto-related information with the sole purpose of misinformation. Interestingly, unsuspecting users fall for the scam who then lose a lot of cryptocurrency in the process.

However, Twitter is working hard to prevent further imposter activity. In light of the epidemic of the cryptocurrency scams on Twitter, Elon Musk posted a bizarre reply to a tweet. Users thought the tweet to be a mockery of the scammers. Interestingly, Twitter immediately locked Musk’s account on suspicions of a breach. In particular, Musk’s tweet was a reply to a user on his timeline who inquired about two factor authentication. Normally, this is the security feature that Twitter uses to secure user accounts. Incidentally, it is the same feature that most cryptocurrency exchanges use to secure their customers’ cryptocurrency.

However, hackers are able to get access to the accounts and steal crypto. In the case of Twitter, the hackers get access to verified accounts and spread false projects giving away cryptocurrency.

Trust Verified Accounts

The Telegraph reports that scammers compromised Twitter accounts of two British companies. Reportedly, the hackers targeted clothing retailer Matalan and Pathé UK, the British arm of the French filmmaker. As a result, they made away with £120,000. The scammers posted scam messages using the commandeered accounts. The messages promised massive crypto giveaways. Interestingly, the two accounts have over 100,000 followers between them. Due to the verified nature of the accounts, users easily fell for the scam.

According to data on CoinMarketCap, cryptocurrencies fell to worrying levels this year after the 2017 high. Incidentally, the cost for mining cryptocurrency, especially Bitcoin is through the roof. Therefore, bad-faith crypto enthusiasts are looking for easy ways out. According to the CryptoCoin reporter, hackers are going as far as stealing computing power from other computers to earn crypto. Dubbed cryptojacking, hackers create a network of computers over a large geographical area. They create the network using mining scripts sent to unsuspecting PC owners.

As per the publication, the hackers resort to the low profile mode of hacking since traditional hacking is noisy. Per the CryptoCoin reporter:

“Cryptojacking incidences [are] on the rise. The activity is an ‘arms race’ to steal computing power… hackers are increasingly deploying software that exploits a computer’s CPU to mine cryptocurrency. Hackers prefer cryptojacking to ransomware since the latter is more controversial. Cryptojacking is more discreet and users are more likely not to realize it.”

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