Few Question/Answer about Twitter Bitcoin Scam 2020 for better understanding

twitter bitcoin scam

What was Twitter Bitcoin Scam?

High profile twitter account of few topmost U.S’s most eminent political and business professionals twitter account were hacked, promoting bitcoin scam on date 22 July 2020.

Hacked accounts wrote a fraud tweet that promised to double of bitcoin people sent to given wallets within 30 minutes.

One of the scam tweet by Mr. Gates said, “if you send 100$ I will send you 200$ back.”

The scam also said it was a charitable favor due to the COVID-19 economic crisis.

What is Bitcoin?

It is crypto-currency invented by an unknown person or group of people. Its benefits includes a digital currency without having a central bank, peer to peer bitcoin network without requiring any intermediaries.

How much money was made by this scam?

It seems like scammers made $110,000(£86,000) in only a few hours. Within minutes of tweet 320 transactions took place surprisingly. All these transactions valued $118,000.

Famous Twitter account which were hacked?

Kim Kardashian West – Media personality – 65.9M Followers
Obama – 44th former U.S. president – 120.8M Followers
Kenya West – Rapper – 30.4M Followers
Joe Biden – Former Vice President of USA – 7.2M Followers
Mike Blomberg – Former Mayor of Newyork – 2.7M
Uber – -Ridesharing company – 1M
Apple – Technology Company – 4.6M
Bill Gates – Co-founder of Microsoft – 51.2M
Warren Buffet – Businessman, CEO of Berkshire Hathaway – 1.7M
Jeff Bezos – CEO of Amazon- 1.5M
Floyd Mayweather – Boxer and promoter – 7.8M

How did the Bitcoin scam happen?

Someone from inside of twitter employees. A Twitter spokesperson told that there could be two possibilities whether employees tried to hijacked or gave hackers access to tools and information.

What was the method of attack?

Most likely hackers got access to twitter administrative tools, then they altered accounts and posted a malicious tweet about a bitcoin scam.

Hackers used social engineering to gain secure access to tools via twitter employees.

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