Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

Twitter Accounts Hijacking

On July 15th, 2020, 8 prominent crypto-related Twitter accounts were hijacked in a coordinated attack. The accounts included those of prominent figures in the crypto space like Binance, Coinbase, Gemini, and Ripple. The attackers were able to gain access to the accounts and post messages promoting a cryptocurrency scam in which they promised to double any amount of Bitcoin sent to a specific address.

The scam was highly successful, with the attackers managing to steal nearly $1 million worth of cryptocurrency. The attack was quickly noticed by the security teams of the affected accounts, who were able to regain control of the accounts and delete the malicious tweets. However, the damage had already been done and the attackers had already made off with the stolen funds.

This attack serves as a reminder of the importance of security when it comes to cryptocurrency. It is essential that users take the necessary steps to ensure their accounts and funds are secure, such as using two-factor authentication and strong passwords.

Impact of Hijacking

The hijacking of 8+ prominent crypto twitter accounts has had a significant impact on the victims and the cryptocurrency market. Victims of the scam lost nearly $1M in total, with some losing tens of thousands of dollars. This has caused a great deal of distress and financial hardship for those affected.

The hijacking has also had a damaging effect on the cryptocurrency market. It has caused a great deal of uncertainty and mistrust, as investors are now wary of the security of their accounts and the reliability of crypto exchanges. This has caused a drop in the value of cryptocurrencies, as investors are less likely to invest in them.

In response to the incident, Twitter has taken measures to prevent similar incidents in the future. The company has implemented new security measures, such as two-factor authentication, to ensure that accounts are more secure. They have also increased their monitoring of suspicious activity on the platform and are working with law enforcement to investigate the incident.

Scam Tactics

The scammers behind the hijacking of 8+ prominent crypto twitter accounts used a variety of tactics to steal nearly $1M worth of cryptocurrency. The most common tactic used by the scammers was impersonating their victims. They created fake accounts with the same name and profile picture as the victims, and then used these accounts to post fake giveaways of cryptocurrency.

The scammers also used social engineering tactics to lure victims into sending them cryptocurrency. They would post messages on the victims’ accounts that promised large returns on small investments. The scammers would then use the victims’ accounts to send direct messages to their followers, asking them to send cryptocurrency to a specific address.

The scammers also used phishing tactics to gain access to the victims’ accounts. They sent emails to the victims, asking them to click on a malicious link that would take them to a fake website. Once on the fake website, the victims would be asked to enter their login credentials, which the scammers would then use to gain access to the victims’ accounts.