Twitter hacked and why there was no “Bitcoin Scam” yesterday

GSomething happened that many thought was impossible yesterday evening, around 21:00 p.m. Central European Time. The Twitter accounts of crypto exchanges like Coinbase, Binance or Kucoin, as well as many well-known personalities like Elon Musk or Jeff Bezos were all hacked at the same time. In the opinion of the community, clearly too much time passed until the Twitter team reacted.

Hackers misused Twitter accounts for fake giveaway

Suddenly chaos broke out on Twitter. It's Wednesday, July 15, 2020, and the Twitter world is upside down for a short time. Because a previously unknown hacker was able to gain access to Twitter accounts. The bizarre: Not only one, two or ten accounts were hacked. It appeared that the attacker had access to all the Twitter accounts that he wanted.

While the first post was made from a private account, the scam officially got a lot of attention from the post of the official Binance account. The exchange announces a partnership with "CryptoForHealth" and is giving away a total of 5.000 Bitcoin (BTC). If you follow the link, you will reach a specially set up website that explains the process. Anyone who sends a certain amount of bitcoins to the BTC address will receive double the amount as a thank you.

People who have been in the crypto market for a long time already know this wrong game and refrain from it. Unfortunately, not only the Twitter accounts of the crypto exchange and influencers were misused. The accounts of Elon Musk, Joe Bide, Jeff Bezos and Bill Gates, whose followers include many people who should have no idea about cryptocurrencies, were hacked.

Unfortunately, because these people are not familiar with the fraud method, the hacker was able to get several bitcoins. He was reportedly able to capture more than $ 100,000 USD. What sounds a lot for the first time is a "disappointing" result given the short-term control of all major Twitter accounts.

Until the Twitter team reacted, a lot of time passed for those who had been following the attack for what felt like hours. Quite relaxed, the Twitter support team wrote:

How the simultaneous access to all these large Twitter accounts could happen has so far remained unclear. It is believed that the hacker gained access to internal accounts of Twitter employees and was given the authorization to spread his scam via the accounts. An official announcement from Twitter should follow, however, considering the extent.

Why the incident wasn't a Bitcoin scam

The headlines read Thursday of a Bitcoin scam worldwide, including in German media. However, the term bitcoin scam leads to believe that the cryptocurrency is to blame for the fact that this fraud method is possible. That the scam is based on Bitcoin. Or the Bitcoin is behind this attack, which is nonsense for anyone who has even dealt with cryptocurrencies.

Of course, Bitcoin's pseduo anonymity could help the hacker use the capital without being found. However, in our opinion, to blame the fraud on Bitcoin is wrong. Large exchanges have already announced that the hacker's address will be marked and tracked to prevent disbursement.

Source: google.de

Despite the increasing popularity of Bitcoin, not everyone can do something with the term. The unfounded designation as a Bitcoin scam puts the digital asset in a bad light for anyone who hears about it for the first time. In the future, they will associate Bitcoin with fraud and stay away from it. With the common fraud methods that have been around since the beginning of the Internet, nobody would think of calling them "euro fraud", "fiat fraud" or "dollar fraud".

After all the excitement surrounding the name of the attack and the hacker, it should not be forgotten that Twitter should be the focus of this incident. Even if it is unclear how it came about, the San Francisco-based company is solely responsible for the security of the platform and thus for the user.

Unfortunately, it is no secret that there are many fraudsters on the crypto market who use the ignorance of investors to fill their pockets. Research shows that 2020 could even be a record year in terms of the amount of money captured:

Record year 2020? Crypto hackers and scammers loot $ 260 million a month

 

Markus from Kryptokumpel.de
Photo credit: pixabay.com | CC0