Twitter: Elon Musk Bitcoin Scam Due to Third-Party App

Neutral Twitter: Elon Musk Bitcoin Scam Due to Third-Party App

Twitter says that a third-party app is responsible for the ongoing Bitcoin scam using a fake Elon Musk account.

Twitter is home to a lot of things: flame wars, hashtags, and an ongoing Bitcoin scam. Quite a few high profile accounts have been hijacked to promote a scam featuring a fake Elon Musk account. The gist of the scam is that people who send in some BTC to a wallet address will get roughly 10 times the BTC in return. The scam has proven profitable, and people have been hammering the social media platform over the issue. However, Twitter has now stated that the source of the Bitcoin scam is a third-party app and not the platform itself.

Bitcoin Scam Shenanigans on Twitter

The fake Elon Musk BTC scam has proven quite durable and keeps popping back up. It's become so prevalent that the real Elon Musk joked about it in a tweet, causing the platform to temporarily suspend his account.

Over the last couple of weeks, Twitter accounts belonging to Target and Google's G Suite have been among the notable accounts hacked to help perpetuate the scam. However, it is now being revealed that the hacking, in at least several instances, did not take place on the platform itself. Instead, a third-party app was used to leverage the scam messages. The app in question is a marketing tool that is approved to post messages on behalf of clients, such as Target.

Twitter has not named the third-party app in question.

People Keep Falling for the Scam

You would think that people would cotton on to the scam, but it keeps chugging along. A new research study from Duo Security, compiled by data scientist Olabode Anise and R&D engineer Jordan Wright, sheds some light on why the BTC scam continues to be successful.

First, they note the increasing sophistication of the scam. Anise and Wright say:

It's a bit of a cat and mouse game. When it first started, they would post a spam tweet.

And that was pretty much the end of it. But over time, we started seeing them get more advanced, and they would have accounts dedicated to liking that tweet, trying to give it credibility... and now we're seeing it taken to the next level, with hijacked accounts replying to the tweet saying it worked for them, trying to give an air of legitimacy.

The researchers also say that the scammers are quite adept at making unseen text edits that help the spam fly under Twitter's radar. They note:

One thing we've noticed over time is the accounts using white space in a different way, or characters that may not be normal ASCII characters but maybe unicode. So it can be difficult to do pattern matching on the text of a tweet. It may look very simple to the human eye, but it may be different in terms of trying to implement this programmatically.

As for why people keep falling for the scam, the study says that the incorrect grammar often used in the spam messages deter individuals sophisticated enough to realize it's a scam. They note that the actual targets are not alert crypto holders but, rather, those individuals, sad to say, that are kind of slow on the uptake. The reality is that as long as people are greedy or not too bright, this type of scam will continue. As the old adage says, "A fool and his money are soon parted."

What do you think of this ongoing Bitcoin scam on Twitter? Let us know in the comments below.

Images courtesy of Shutterstock.

11/18/2018 / 08:00:30 Source: livebitcoinnews

BTC
1 BTC=$3,632.77
XRP
1 XRP=$0.3024
ETH
1 ETH=$124.26
EOS
1 EOS=$2.87
BCH
1 BCH=$121.45
XUC
1 XUC=$2.00

News Feed 50

Ccn Neutral - Vanguard CIO Greg Davis Just Issued a Dire Warning for the US Stock Market read more.
02/12/2019 / 20:32:35
Bitcoin.Com Neutral - Two US Public Pension Funds Back New $40 Million Crypto VC read more.
02/12/2019 / 20:32:33
Ambcrypto Neutral - Bitcoin SV’s [BSV] Craig Wright hits back at WikiLeaks as Twitter feud escalates read more.
02/12/2019 / 20:30:20
Cointelegraph Neutral - Top 20 Cryptos Make Small Gains While Stock Futures and Oil Indexes See Green read more.
02/12/2019 / 20:29:00
Cointelegraph Neutral - Japanese IT Giant GMO Confirms Launch of Yen-Backed Stablecoin GYEN in 2019 read more.
02/12/2019 / 20:22:00
Cryptobriefing Neutral - Blockchain Advances In Africa, Overcoming Funding Hurdles read more.
02/12/2019 / 20:03:52
Newsbtc Neutral - Police Mistake Crypto Mining Rigs For Drug Den in Raid Gone Wrong read more.
02/12/2019 / 20:01:30
Dailyhodl Neutral - Bitcoin Lightning Torch Hits Tron CEO Justin Sun – Will Kobe Bryant Grab the Crypto Bounty Next? read more.
02/12/2019 / 19:58:54
Ccn Neutral - Exclusive: Bitcoin Cash Developer Amaury Sechet Comes Clean on Satoshi Claims read more.
02/12/2019 / 19:53:47
Cointelegraph Neutral - China: New Guidance to Implement Blockchain in Agriculture Finance Sector read more.
02/12/2019 / 19:51:00
Ambcrypto Neutral - #XRP/USD Price Analysis: Coin could soon go for a bullish ride read more.
02/12/2019 / 19:30:38
Cryptoslate Neutral - Morgan Creek’s Venture Fund Raised $40 Million to Invest in Blockchain and Cryptocurrency read more.
02/12/2019 / 19:30:19
Cryptobriefing Neutral - Western Union Acknowledges Experiments With Ripple Tech read more.
02/12/2019 / 19:14:03
Trustnodes Neutral - Former Prime Minister Bigs Up Bitcoin Amid Power Struggle in Bangkok read more.
02/12/2019 / 19:13:38
Newsbtc Neutral - XRP and Ripple Stand to Benefit if the World Bank and McKinsey Projections are True read more.
02/12/2019 / 19:00:56
Bitcoinist Neutral - Santander Bank Ordered to Keep Brazilian Bitcoin Exchange Account Open read more.
02/12/2019 / 19:00:47
Ambcrypto Neutral - Cryptocurrency News – 12th Feb – Ripple partner raises $1.7M, Coingate adds LTC LN support and more read more.
02/12/2019 / 19:00:32
Cryptoglobe Neutral - 'It's Virtually Certain': Bitcoin ETF Will Be Approved, Prominent Analyst Argues read more.
02/12/2019 / 18:50:00
Ccn Neutral - This US Senator Wants to Legalize Weed, Should Investors Get High on Pot Stocks? read more.
02/12/2019 / 18:30:33
Ambcrypto Neutral - Bitcoin [BTC] volatility works to investors’ advantage, says Financial advisor read more.
02/12/2019 / 18:30:05
Coinspeaker Neutral - SEC to Clarify ‘Overly Broad’ Regulation for Crypto Token Sales read more.
02/12/2019 / 18:30:02
Cryptobriefing Neutral - Pensions Count On Bitcoin Eggs For Retirement read more.
02/12/2019 / 18:24:55
Bitcoin.Com Neutral - Crypto Broker Voyager Digital Lists on Canada’s TSX Venture Exchange read more.
02/12/2019 / 18:21:57
Coingape Neutral - BitMEX Research On Next Global Crisis: Retail Banking & Payment System Unlikely to be Under Threat read more.
02/12/2019 / 18:21:13
Cryptopotato Neutral - Crypto Market Update Feb.12: Bitcoin Dominance Declines as Altcoins Skyrocket read more.
02/12/2019 / 18:15:52
Ethereumworldnews Neutral - EOS (EOS) Price Initiating Break Above the Daily Range Bound read more.
02/12/2019 / 18:11:41
Cryptoslate Neutral - Ripple Grants $2 Million to University of Kansas, Funds 29 Universities to Conduct Blockchain and Crypto Research read more.
02/12/2019 / 18:08:54
Cointelegraph Neutral - Mt. Gox Trustee May Have Crashed Bitcoin in 2018 by Dumping It on an Exchange, but There is Still Hope read more.
02/12/2019 / 18:08:00
Cryptonewsreview Neutral - Australian police mistake crypto mining rig for suspected pot farm read more.
02/12/2019 / 18:03:55
Newsbtc Neutral - Are TRX Prices Dumping Because “Changpeng Zhao and Justin Sun are Scheming”? read more.
02/12/2019 / 18:00:58
Ambcrypto Neutral - Cryptocurrency-hijacking malware ‘Clipper’ discovered on Google’s Play Store read more.
02/12/2019 / 18:00:16
Ccn Neutral - Gaming Giant Activision Blizzard Stock Could Get Crushed [Again] Tonight read more.
02/12/2019 / 17:59:00
Cryptopotato Neutral - #Weekly Price Analysis Overview Feb.12: Bitcoin, Ethereum, Ripple, Dash and Monero read more.
02/12/2019 / 17:58:39
Bitcoinmagazine Neutral - Morgan Creek Bags $40M Raise, Attracts Industry First Funding From Pensions read more.
02/12/2019 / 17:51:05
Cointelegraph Neutral - Software Giant Oracle Expands Its Enterprise Blockchain Platform read more.
02/12/2019 / 17:50:00
Cryptonewsreview Neutral - Firefox to offer cryptomining blocking in May release read more.
02/12/2019 / 17:36:48
Livebitcoinnews Neutral - Ethereum (ETH) Up 3 Pct at $120, as Bitcoin (BTC) Rallies 5 Pct at $3,600, Litecoin Also Poised to Rise read more.
02/12/2019 / 17:36:29
Cointelegraph Neutral - Payment Processor Netpay to Integrate Blockchain-Based Tool: Report read more.
02/12/2019 / 17:32:00
Ambcrypto Neutral - Tron [TRX/USD] Technical Analysis: Cryptocurrency succumbs to the bear again as prices stagnate read more.
02/12/2019 / 17:30:21
Ethnews.Com Neutral - Distributed Digest: Tuesday, February 12, 2019 read more.
02/12/2019 / 17:30:12
Dailyhodl Neutral - Payments Giant Western Union Preparing for Crypto, Tests Ripple and XRP read more.
02/12/2019 / 17:20:41
Cryptoglobe Neutral - Cryptocurrency Analysis Firm Chainalysis Raises $30 Million read more.
02/12/2019 / 17:20:00
Ccn Neutral - Did TRON Acquire a Liability in $126 Million Purchase of BitTorrent? A Record 3,300 Lawsuits Hit Platform’s Users read more.
02/12/2019 / 17:16:51
Ambcrypto Neutral - Bitcoin [BTC]: WikiLeaks provides evidence debunking Craig Wright’s claim to be Satoshi Nakamoto read more.
02/12/2019 / 17:15:47
Ccn Neutral - Why Asset Manager Canaccord Says Tesla Stock Will Explode by 40% in 2019 read more.
02/12/2019 / 17:15:08
Cryptobriefing Neutral - Bitcoin Cash / USD Technical Analysis: Still Going Down read more.
02/12/2019 / 17:02:39
Ambcrypto Neutral - Ripple’s CTO clarifies that Interledger Protocol [ILP] is not connected to the RippleNet yet read more.
02/12/2019 / 17:00:29
Bitcoinist Neutral - Binance Chain Decentralize Exchange Testnet Will Launch Next Week read more.
02/12/2019 / 17:00:06
Coindesk Neutral - Co-Founder Quits Avalon Mining Chip Maker Canaan Over ‘Differences’ read more.
02/12/2019 / 17:00:06
Newsbtc Neutral - Bitmain S15 Firmware “Very Buggy”, Will This Claim Affect BTC Prices? read more.
02/12/2019 / 16:58:38
Negative
3.2%
Neutral
96.0%
Positive
0.8%
Mixed
0%

Latest comments: