Twitter Bitcoin Scam Pulled in Big Money

Twitter Bitcoin Scam Pulled in Big Money

Wednesday’s massive Twitter hack saw Bitcoin scammers rake in about $120,000 in just two hours as at least 367 users fell prey to fake tweets sent from verified accounts of prominent US figures.

Official Twitter accounts of billionaires Elon Musk, Jeff Bezos and Bill Gates as well as Barack Obama, Joe Biden and Kanye West, sent out tweets requesting donations in the cryptocurrency. The fake tweets asked users to send $1,000 an anonymous Bitcoin address to get $2,000 in return, HT reported.

Be the time Twitter detected the hack and pulled down fake tweets, some people had already transferred money to Bitcoin scammers.

According to Dmitry Bestuzhev, cybersecurity expert at Kaspersky, within just two hours at least 367 users transferred $1,20,000 (Dh440,757 approx) in total to the hackers. “This major scam flags the fact that we are living in the era when even people with computer skills might be lured into a scammers trap, and even the most secure accounts can be hacked,” Bestuzhev said.

He added that no while all platforms and services prioritise security, no website or software is immune to bugs and hacks and any native platform can be compromised.

“This incident might mean we all need to take some time to reassess our approach to our relationships with social media and accounts security, but once we do it, it will become evident that we possess knowledge and instruments to recognize even the most elaborate scam and minimize its impact,” Bestuzhev added.

The cybersecurity expert advised users to try to recognise a scam pointing out that the most important element of any scam is the “time limit”. Scammers try to put psychological pressure on their victims by giving a time limit which also prevents them from conducting a thorough check.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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