Published: Thu, November 08, 2018
Business | By Tara Barton

One Twitter Crypto Scammer Collected USD 180,000 in 24h

One Twitter Crypto Scammer Collected USD 180,000 in 24h

This time, it is not his Twitter account that was compromised, but instead, hackers used verified accounts of other leading companies like UK fashion retailer Matalan, the USA book publisher Pantheon Books, and a filmmaking studio Pathe UK.

Pathe UK account hacked to display bitcoin scam in a Promoted Tweet.

The tweets have since been deleted and numerous accounts recovered. Hackers took over the official Twitter account of India's National Disaster Management Authority (NDMA) to promote blatant Bitcoin BTC giveaway scams - a trend that's been plaguing social media for months now.

"Being able to hijack verified accounts is a potential goldmine for cryptoscammers banking on the visibility of the Tesla CEO", Chris Boyd, lead malware intelligence at Malwarebytes, told ZDNet.

"As I'm sure you can probably guess, anyone who pays up never sees their money again and at the time of writing, the wallet involved in at least one of these operations holds around £125,000 worth of Bitcoin".

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Regardless of the specifics of this scam, this odd occurrence highlights the reoccurring theme and relationship between Elon Musk, arguably the world's most well-known CEO, and Bitcoin and the nascent crypto industry, which he has seemingly lightly dabbled in.

Clothing retailer Matalan and Pathé United Kingdom, the British arm of the French filmmaker, were both targeted by the scammers, who took control of the brands' Twitter accounts and posted scam messages advertising the giveaway. A closer look at the user's Twitter handle will reveal the account doesn't belong to Elon Musk, it's an imposter looking to capitalize on the crypto craze.

"Twitter has also substantially improved how we tackle cryptocurrency scams on the platform".

"In recent weeks, user impressions have fallen by a multiple of 10 as we continue to invest in more proactive tools to detect spammy and malicious activity", it added. This is a significant improvement on previous action rates... The scam was very alike the other ones.

Pathe later said its account was hacked "by an unknown third party", saying the issue had since been resolved. Let us know in the comments section below. However, the company later announced that it had regained control of its account. In the past, other high-profile individuals in the technology and cryptocurrency sector have also been impersonated. Later on, the creator of Dogecoin sent Musk a script that could purportedly solve the problem.

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