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Cryptocurrency, ICO scams on Twitter Persist
These days, it's a nightmare to be a celebrity on Twitter with cryptographs on your chronology. In particular, cryptocurrency scams on Twitter take control of verified accounts and pretend to offer huge gifts. Interestingly, most scammers target Teson CEO Elon Musk. Tesla's CEO is not new to such incidents. Typically, scammers take control of other verified accounts and modify them to resemble those of Elon Musk. Then they publish information related to cryptography for the sole purpose of misinformation. Interestingly, unsuspecting users fall for the scam that then loses a lot of cryptocurrency in the process.
However, Twitter is working hard to prevent further impostor activities. In light of the epidemic of cryptocurrency scams on Twitter, Elon Musk published a bizarre reply to a tweet. Users thought the tweet was a mockery of scammers. It is noteworthy that Twitter immediately stuck Musk's account on suspects of a violation. In particular, Musk's tweet was a response to a user on his timeline asking for two-factor authentication. Normally, this is the security feature that Twitter uses to protect users' accounts. Incidentally, it is the same feature used by most of the cryptocurrency trade to protect the cryptocurrency of its customers.
However, hackers are able to access accounts and steal encryption. In the case of Twitter, hackers get access to verified accounts and spread fake projects giving away cryptocurrency.
Trust your verified accounts
The Telegraph reports that scammers have compromised the Twitter accounts of two British companies. Reportedly, hackers targeted clothing retailer Matalan and Pathé UK, the British arm of the French filmmaker. As a result, they eliminated 120,000 pounds. Fraudsters have posted junk mail using the requisite accounts. The messages promised massive encrypted gifts. Interestingly, the two accounts have over 100,000 followers among them. Due to the verified nature of the accounts, users have easily fallen for the scam.
According to data from CoinMarketCap, cryptocurrencies have dropped to worrying levels this year after 2017. Incidentally, the cost for mining cryptocurrency, in particular Bitcoin, is through the roof. Therefore, cryptic enthusiasts in bad faith are looking for easy ways. According to the CryptoCoin reporter, hackers end up stealing computing power from other computers to earn crypt. Nicknamed cryptojacking, hackers create a computer network over a large geographic area. They create the network using mining scripts sent to unsuspecting PC owners.
As with publication, hackers resort to low-profile hacking mode as traditional hacking is noisy. For the journalist CryptoCoin:
"Cryptojacking incidences [are] increasing. The activity is an "arms race" to steal computational power … hackers are implementing more and more software that exploits the CPU of a computer to extract the cryptocurrency. Hackers prefer cryptojacking to ransomware because this is more controversial. Cryptojacking is more discrete and users are more likely not to realize it. "
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