Twitter is the latest platform used by hackers to run a crypto scam asking people to pay small amounts in cryptocurrencies, and promising a return of funds in Bitcoin.
The Twitter handle the hacker managed to use to run this scam was @gsuite, the official Twitter handle of Google’s G Suite.
The hackers have challenged the capability of Twitter to stop such scams from being perpetrated using its platform.
Luring People Through False Promises
This fake Bitcoin bounty scam involves a tweet posted on the G Suite handle claiming that Google is giving away 10,000 Bitcoins and if anyone wants to participate in this bounty program, they have to send a small amount of Bitcoin.
In return, they can expect to get up to 20 Bitcoins ($120,000).
Several users, believing the tweet to be an official announcement from Google, fell into the trap as a quick way to make a fast buck.
But the post was later removed after Twitter became aware of the scam.
Similar Hacks Hit Other Major Handles
The G Suite Twitter account hack story happened after a similar attempt was made using the name of Tesla CEO Elon Musk.
Hackers manage to log into the official Twitter handle of such public figures and then post a message which is more or less identical to the one found in the G Suite Twitter account described above.
The same kind of Bitcoin giveaway is mentioned and people asked to send small amounts.
The hacker or hackers give a complex URL to click on to make the payment.
Target was also hit by a similar hack that led its account to be hijacked by a Bitcoin scam.
It is one of several Twitter-verified account holders to experience this problem within the past week.
The pressing question is how outsiders are able to log into the official handles of these large companies or popular individuals?
What kind of an authentication system does Twitter have or why is it that these account holders have not opted for a more secure way to log into their accounts?
The other interesting but worrying aspect is that they pay to advertise and promote these tweets to give them the push need to reach a much larger Twitter community.
Special Monitoring Essential
While companies like Facebook and WhatsApp have come under fire on many occasions for failing to protect personal data of their users, Twitter too has to face the reality and initiate immediate steps to plug the leaks in its system.
One of the first steps could be to continually encourage users to use a two-factor authentication system for logins and to advise the users to keep checking their own accounts to see if messages or tweets they had not posted are appearing in their profile.
The other requirement is for the individual users of the social media platforms to be extremely cautious before responding to scam schemes like these.
If you come across ads of this nature, maybe you must wait for a day or two, see if the social media site picks it up and the truth is revealed.