As we all know the recent Twitter Hack Bitcoin scam on 15^th July 2020 is considered to be an evolutionary mark in the Global Cryptocurrency Exchange industry. Such Cryptocurrency based scams have happened in the past but not at this scale of about $120,000. In this blog let us see a brief about this scam, what made this scam possible? And how we should become a secure user of Social media and Cryptocurrency Exchange and Cryptocurrency Exchange Software?

Brief about the Twitter Hack Bitcoin Scam

On 15^th July 2020, Some of the high profile Twitter accounts like Microsoft’s Bill Gates, Tesla’s Elon Musk, America’s former President Barack Obama, Amazon’s CEO Jeff Bezos and also some of the top company accounts like Apple, Uber along with key Cryptocurrency player’s accounts like Changpeng Zhao, Justin Sun, Charlie King, King Kobe, and Angelo BTC were also hacked. Seems as these twitter accounts were the most popular and well-recognized accounts with a huge number of followers for the hackers to target.

A fake message was sent from the above-hacked accounts to the target followers requesting to send Bitcoin to a particular Bitcoin wallet offering that it would be doubled and sent back to their account, messaged with various reasons that are well crafted by the hackers for the victims to believe in and send the Bitcoin as mentioned to the wallets. The detailed investigated news about this scam has been reported in Economic times on 17^th July 2020.

What made Twitter Hack Bitcoin scam Possible?

With reference to our research on this Twitter Hack Bitcoin scam, there are certain facts that made it possible.

First of all, it is reported that some of the Twitter Employees were compromised by hackers to access their twitter tools.

Secondly, they have made it as real as possible for the victims to believe in, like a message with reasons Using COVID 19 situation from the trusted official Twitter accounts of popular people.

To maintain the practical reality the Crypto wallet was already transferred with Bitcoins (BTC) up to a reliable amount so that people wouldn’t hesitate to do their transfer to the same wallet as others.

Lastly, They kept the offer open for a short span of time of 30 minutes.

What does Twitter say?

• There were about 130 accounts targeted
• They have locked the accounts that have been compromised
• These accounts will remain locked until the security issues will be resolved.
• Some of the hacked accounts can be resumed to use by the owners, whereas they are keenly working to restore the other accounts.

How to be a Scam free Social media User?

Now that we have overviewed of Twitter Hack Bitcoin Scam, Some of you might have probably been aware of the standard security practices that should be done in social media and digital transaction that involves finance and now in the recent years which have gained a hot momentum of voluminous transactions of Cryptocurrency across the globe to different countries. Apart from these standard security practices, there are some other factors that should be considered.

Nowadays, since we are mostly engaged with social media networks in our day to day life, we should always give food for thought to our rational thinking on the messages which we come across in our personal accounts especially when related to sensitive subjects like Identity, Money, Career, Personal details, Etc., that are involved. We should understand money never comes free of cost.

Also, we should maintain strict personal standard practices that should be written down like a checklist and followed on digital media to protect our social media accounts as they have become our new face in the globalized society.

Make sure to cultivate a habit of knowing the updated security instructions that are featured in our social media platforms with our accounts and confirm that we are following it to the full extent to keep our digital assets protected.

How to be a Secure Cryptocurrency Exchange User?

Now that the Era of the Cryptocurrency has been growing at a fast pace, big scams are signs that the Cryptocurrency Industry has gained its momentum and has scope for business and developments. Investing in Cryptocurrency and trading through a crypto exchange is the trend of the trading that has been significantly evolved globally.

In addition to the points that were discussed for safe use of Social media, Cryptocurrency Accounts, Credentials, and Exchange software should be used caution as money directly involved.

As there are multiple cryptocurrencies, traders, and exchange platforms in the Crypto Business Market globally, we should do thorough research and understanding of what our business is and its feasible crypto parameters? Before we launch our own Cryptocurrency Exchange Software and do Cryptocurrency exchanges.

Cryptocurrency Exchange Software consultants could be contacted as a part of our research to understand what are the security features that are available in their products? Also, we could verify if their products are inherited with the continual upgrade of security parameters in accordance with current global industry trends.

To conclude with our blog, most of the scams could be avoided by being clear with our approach towards the digital platforms and understand to what extent it should be used either for business or personal.

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