Twitter Claims Third Party Apps Are Scamming Bitcoins

Nishanth Shetty

November 20, 2018 3:53 pm

Crypto Scam

Twitter Claims Third Party Apps Are Scamming Bitcoins | Coindelite News
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One of Google’s account was recently hacked on Twitter that promoted a Bitcoin “giveaway” scam. Twitter has claimed that the third-party marketing app providers are the reason behind the current hacks that have been taking place on the social media.

Twitter’s announcement comes after the account of some high profile brands that were hacked on the platform. Elon Musk’s fake account recently promoted a cryptocurrency giveaway scam. The scammers told non-savvy Twitter users to send small amounts of digital currency for a chance to win as much as 10,000 BTC.

Recently Cybercriminals hacked StatCounter, one of the largest website traffic analytics platforms. The hackers transferred malicious code into more than 600,000 websites. The purpose was to gain access to Bitcoin held at Gate.io the cryptocurrency exchange.

Around 700,000 websites seem to be safe from any potential harm. Because the malicious code specifically targets Bitcoin transactions being made through Gate.io.

Third party apps were able to get hold of dozens of verified Twitter accounts to publish similar giveaway scams. There has been a lot of criticism on Twitter in the past few months over their ad vetting process, as a lot of commentators believe that a social media network should be able to put a hold on scams.

Twitter’s CEO, Jack Dorsey also shared his thoughts about the scams that have been taking place on Twitter. He said, “We are on it.”

Recent few reports said that cryptocurrency hackers are mainly targeting Americans. One of the research team members described the reason behind criminals targeting the U.S. citizens saying,

“Increased fraudulent activity and attention of hacker groups to crypto industry, additional functional of malicious software related to cryptocurrencies, as well as the significant amounts of already stolen funds, signals that the industry is not ready to defend itself and protect its users.”

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