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Twitter - a new haven for Bitcoin Scams

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Crypto Business World

CBW -External Analyst

INDIA

Sep, 28 2020

Sep, 28 2020

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Recently Social media platform Twitter went through the greatest security violation in the platform’s history, says a cybercrime specialist. However, it is only the most recent years-long crusade by scamsters to cheat users on the social platform via the subterfuge of bitcoin giveaways.Those who were beleaguered Wednesday's assault included the billionaire magnate Elon Musk, who has time and again raised worries about the dreadful concern of security token investment crypto scams.


Characteristically, the scamsters create fake handles masquerading as prominent Twitter handlers like Elon Musk in order to conduct crypto token giveaways. The criminal appeal Twitter users to despatch security tokens offerings to a specific digital link in order to collect a larger sum in return. When Twitter users send the money, it becomes virtually unmanageable for the victims to recuperate their assets owing to the semi-anonymous character of BTC making it tough to track the perpetrators.In 2018, a report by The Independent unearthed numerous transactions on Twitter which brought about losses worth thousands of dollars for the victims. At that time, Twitter claimed that is was taking strong action on crypto token asset offering scams and had cultivated new techniques and tools to determine spammy or malicious activities. Even then, crypto scammers have persisted on the platform and their number is yet growing. They edit their username and display pictures totally those of prominent accounts in order to trick Twitter users investing in crypto. The website's guidelines express that imitating another person to misdirect its users is a breach of its terms of service, and will bring about account suspension. Essentially suspending a record doesn't take care of the issue, as scamster can easily prop up again by setting up a new handle.


The most recent assault at next level altogether as instead of simply masquerading as Musk or other prominent handles, the scammers were in fact able to usurp their accounts. A BTC address fabricated for the attacks received over 350 payments, which tallied about £95,000 before Twitter made a move to bring the posts down and restore the accounts to back their owners. Twitter illustrated the attack as an organized social engineering assault by criminals who effectively targeted a few of our workers with access to internal frameworks and tools. In a string of tweets, the platform declared once again that it has carried out significant measures to prevent such an assault from happening once more.


Twitter forbid BTC addresses to be posted on its website but people have found ways to overcome these limitations.Though crypto criminals are unable to publish their digital address in a tweet, they simply tweet a screen capture of their BTC address, or just play with the address by inserting a single dot somewhere in the middle of the address. Crypto scams are prone to happen until such methods are feasible. Security experts state the greatest worryof the recent attack is the way it was maneuvered. Ordinary users don’t feel any impact of such attacks but they can be used to interfere in US Presidential handles and tweet bizarre things.


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Crypto Business World

CBW - External Analyst

INDIA

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