Bitcoin hackers take on Twitter

Sphinx

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Joe Biden, Elon Musk, Bill Gates And Others Hacked In 'Coordinated' Bitcoin Scam

The bitcoin wallet is bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0w1h

Joe Biden, Elon Musk, Bill Gates And Others Hacked In ‘Coordinated’ Bitcoin Scam

Barack Obama, Jeff Bezos, Kanye West, Michael Bloomberg, Apple and Uber were also targeted in the massive cryptocurrency scheme.

By Dominique Mosbergen
07/15/2020

The Twitter accounts of Joe Biden, the presumptive Democratic nominee for president; former President Barack Obama; and at least three tech bigwigs — Tesla’s Elon Musk, Microsoft’s Bill Gates and Amazon’s Jeff Bezos — were hacked in a massive digital currency scam on Wednesday.

Twitter said the hack appeared to have been a “coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools.”

Musk’s Twitter account posted multiple messages on Wednesday afternoon promising to “double” payments to his bitcoin address, also known as a BTC address.

Biden’s and Gates’ account posted a similar message, telling followers: “If you send $1,000, I will send back $2,000.”

Bezos’ account also vowed to double payments sent to his BTC address. “I am only doing a maximum of $50,000,000,” a tweet on the Amazon founder’s account said.

An identical BTC address was posted to all three accounts.

As BuzzFeed tech reporter Ryan Mac noted, the posted BTC address did appear to be receiving bitcoin on Wednesday but said it was hard to say whether those transactions were being seeded by the scammers themselves or being sent by people who may have been duped.

This goes without saying, but do not send the account money,” Mac warned.

The New York Times said at least $100,000 had already been stolen as part of the scheme.

CNBC reported that similar tweets promising a doubled return had appeared on the verified accounts of several major tech companies, including Apple, Uber and Cash App. Rapper and producer Kanye West and former New York City Michael Bloomberg also appear to have been targets.

Hours after the attack, Twitter said the hackers had managed to “take control of many highly-visible” accounts and tweet on their behalf.

It added that it “immediately locked down the affected accounts” and later limited access to the platform “for a much larger group of accounts,” including all verified accounts.

Rachel Tobac, CEO of cybersecurity company SocialProof Security, told NBC News the hacking scheme was likely the largest such attack that Twitter had ever experienced.

“I’m surprised Twitter hasn’t gone completely dark to prevent misinformation campaigns and political upheaval,” she told the network. “We are lucky the attackers are going after bitcoin ... and not motivated by chaos and destruction.”
 

Central Scrutinizer

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Twitter Hack Under Investigation By FBI And New York State

Twitter Hack Under Investigation By FBI And New York State

July 16, 20204
Shannon Bond

Twitter is now under scrutiny from the FBI, Congress and New York's financial services regulator. Officials are demanding details about a breach that targeted some of the social network's most high-profile users.

The FBI said on Thursday that it had opened an investigation into the hack of Twitter accounts, including those of former President Barack Obama, presumptive Democratic presidential nominee Joe Biden, Amazon CEO Jeff Bezos, Tesla CEO Elon Musk and rapper Kanye West. Hackers took over those accounts in a matter of minutes on Wednesday afternoon and posted messages asking followers to send Bitcoin to a specific address.
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"At this time, the accounts appear to have been compromised in order to perpetuate cryptocurrency fraud," the bureau's San Francisco division said in a statement. "We advise the public not to fall victim to this scam by sending cryptocurrency or money in relation to this incident."...

..."This type of hack by con artists for financial gain can also be a tool of foreign actors and others to spread disinformation and — as we've witnessed — disrupt our elections," said New York Gov. Andrew Cuomo in a statement announcing he had ordered an investigation by the state's Department of Financial Services...

...Twitter has said it was the victim of a "coordinated social engineering attack" that targeted employees with access to sensitive internal systems. On Thursday, it said that it had "no evidence that attackers accessed passwords" and that users do not have to change their passwords.

The company locked down many accounts in response to the breach. It said it was still working with users to restore access. It said it believes "only a small subset of these locked accounts were compromised" but is still investigating.

These incidents highlight how humans remain the biggest security threat, said Zeynep Tufekci, a sociologist at the University of North Carolina who studies technology and social media.

"We keep telling people, 'Use this kind of password, don't fall for phishing,' " she told NPR. But, she said, social media users cannot protect themselves against people with bad intentions within the company.

"There's no protection against somebody inside the company that a person individually can take. It's the company that has to do that," she said.
 

Roboto

Administrator
Mike Novogratz Says Bitcoin Scam That Targeted Twitter Is "Bad Noise"

Mike Novogratz Says Bitcoin Scam That Targeted Twitter Is "Bad Noise"

Alex Dovbnya
7/17/20

The Twitter hack is just “bad noise” for Bitcoin, according to Galaxy Digital CEO Mike Novogratz

Galaxy Digital CEO, Mike Novogratz, has weighed in on the great Twitter hack, claiming that it was just “bad noise” for the Bitcoin price.

The former hedge fund manager also mentioned the hack served as “an endorsement” for decentralized social media.

“I think that the fact the Twitter got hacked is actually an endorsement for decentralized systems.”

It’s not a Bitcoin scam

On July 15, Twitter faced a major security breach that affected the accounts of its who’s who of political and business leaders. Barack Obama, Elon Musk and other luminaries found themselves simultaneously promoting a silly Bitcoin giveaway scam.

While some suspected there were ulterior motives, an ongoing FBI investigation has so far shown that the only intent was to “perpetuate” a crypto fraud.

The Twitter hack is, of course, a bad look for the Bitcoin industry, with New York Magazine columnist Josh Barro going as far as advocating for banning cryptocurrency.

The mainstream coverage of the incident did not sit well with many cryptocurrency advocates who accused many publications of scapegoating Bitcoin.

Arca CIO Jeff Dorman noted that "Nigerian prince"-style schemes that involve fiat money were never called “US dollar scams.”

"This is a Twitter scam, not a cryptocurrency scam. In the same way that when a Nigerian prince asked me to wire him $100,000, it was an email scam, not a US dollar scam."

It’s much worse for Twitter

The focus on Bitcoin seems unnecessarily given that Twitter has just suffered its worst security breach to date and had its secret shadowbanning tools exposed.

The recent attack underscores the fragility of social media, and it could steamroll the development of decentralized standards such as “Bluesky,” which was announced by Twitter CEO Jack Dorsey back in December.
 
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