Bitcoin scammers use fake Elon Musk's Twitter account to steal $170k

08 November, 2018, 13:42 | Author: Billie Castillo
  • Major European film group hacked to promote Bitcoin scam on Twitter

"On accounts that have large followers such as Pathé, the scammers have paid for a Twitter advertisement to promoted the tweet, resulting in Twitter showing the scam tweets as promoted posts".

I decided to make the biggest crypto-giveaway in the world, for all my readers who use Bitcoin.

In the picture above, you can see that a hacked verified account, which has changed its name to Elon Musk, along with the same display picture - is asking people to visit a scam website, where they would be asked to send a small amount of Bitcoins to Elon Musk, promising them a much higher return in exchange.

At the Black Hat cybersecurity conference this August, computer researchers at Duo Security said an analysis of 88 million Twitter accounts between May and July 2018 revealed a huge bot-net that was actively promoting cryptocurrency scams.

To add to the intensity of the scam, other verified accounts, including the likes of blogger Sarah Scoop and boxer Rayton Okwiri, that had been compromised were used to comment on those scam tweets, writing that they had indeed received bitcoin from Elon Musk.

After compromising a Twitter-verified account, the hacker would change the name to the person they wanted to impersonate, like "Elon Musk" or something similar.

This is far from the first time something like this has happened and Twitter continues to receive flak for their failure at preventing these types scams.

The account, however, has now been regained following the removal of the malicious tweets and any mentions of Elon Musk.

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In October, Musk caused a stir in the cryptoverse upon tweeting out "Wanna buy some Bitcoin?" in a longer, meme-filled Twitter thread.

Twitter actually locked Musk's account for some time, believing it had actually been compromised. If we take just the last few months as an example, his (now infamous) remarks about taking Twitter private have landed him in a lot of hot water.

While the scammers first promoted their tweets, the promoted tweets were erased, but some of the accounts remain active.

What is Twitter doing about it?

"We are proactively tackling so-called cryptocurrency scams on the platform".

Elon Musk, we should note, had nothing to do with any of this, nor is he stepping down from Tesla.

At the beginning of the year, the social media app, Twitter saw an influx of Charlie Lee impersonators. He says twitter needs an algorithm that can quickly identify and remove crypto-scams in the future.

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