Biggest Twitter Bitcoin Scam

Biggest Twitter Bitcoin Scam

Source: Istock

On the night of July 16, in several accounts of Twitter, which is popular in the crypto community, a tempting proposal was published to double Bitcoins on users’ wallets.

The proposal was twitter by Bill Gates, Elon Musk, Jeff Bezos, Warren Buffett, and other celebrities with millions of subscribers. And even by Apple and Uber.

The tweet began like this: “Everyone is asking me to give back. And now it is the time!” Or “Feeling grateful …”. Or “We are giving back to our community. We support Bitcoin and we believe you should too!” And then it was proposed to send $1000 in Bitcoins to the specified address in order to get back $2000.

Of course, it was a scam. The accounts on which this offer appeared were hacked. Nevertheless, a couple of minutes after the appearance of the tweets, 320 transactions passed to the specified address. Little wonder, because the scammers noted that the offer was valid for only 30 minutes. As for their mind, this time is enough even for those who do not have Bitcoins to open a wallet and make a transaction. In total, scammers got 12 BTC (about $110K).

Security experts rate the incident as the worst hack of the social network platform in history.

It is assumed that the hackers got access to the Twitter administrative tools and therefore could post to any account. Maybe someone from Twitter employees was involved in the hacking or perhaps a compromised employee account was used. Tweets were sent via a web application, moreover, and repeatedly from different countries, according to IP addresses.

By 10 p.m. UTC, Twitter announced that it was taking steps to fix the incident. Some accounts were disabled. Twitter also admitted that it became the victim of a coordinated attack in which social engineering tools were used against Twitter employees. In plain English, this means, that hackers got access to employee’s accounts in some way. To recover the situation, access to administration tools was strongly limited and an internal investigation is being conducted. Twitter CEO Jack Dorsey noted that they at Twitter had a tough day, that all employees are terribly worried about the incident, and that the company will certainly inform everybody about the results of the investigation. But all these words did not stop share price drop.

Justin Sun, the founder TRON and CEO of BitTorrent, announced a $1 million bounty against the hackers. The controversial crypto entrepreneur believes that this hacker attack undermines the crypto community and the industry, so he will personally hand a million dollars to anyone who hunts down hackers and presents evidence to bring them to court.

The attack is already called ‘2020 Twitter Bitcoin scam’. It might be premature. The year is far from being ended.