Published: Thu, November 08, 2018
Economy | By

Elon Musk bitcoin scam ramps up with spate of hacked Twitter accounts

Elon Musk bitcoin scam ramps up with spate of hacked Twitter accounts

"Verified entities don't need any extra requirements to change basic profile details such as name or avatar, and once the account is compromised you can then start pushing rogue ads under the guise of Elon".

British retailer Matalan, film distributor Pathé United Kingdom and USA publisher Pantheon Books were just some of the accounts taken over by hackers.

Adding further layers to the scam, a number of other hacked verified accounts falsely backed up the claim that they had received bitcoin from Musk.

Scammers are back on Twitter impersonating their favorite celebrity, Elon Musk, in a bid to convince people to invest in their phony Bitcoin scheme. 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.

To contain this, micro-blogging site Twitter came up with a rule which prevents users from selecting his or her name to Elon Musk.

In October, Musk caused a stir in the cryptoverse upon tweeting out "Wanna buy some Bitcoin?" in a longer, meme-filled Twitter thread. Fortunately, this time, it isn't actually the man himself.

In more serious cases, new accounts are first registered.

A lot of people have also criticized Twitter for even allowing people to do this.

"There's no easy way to force verified users to keep security settings such as two factor enabled, and all it takes is one successful phish to set a scam in motion", he said.

It is, however, something rather amusing in the fact that they did decide to use Elon Musk for this. They are then verified to get a blue tick mark and then changed to impersonate someone else. Pathé, the world's second oldest operating film company and Europe's second largest studio, was also hacked and had a crypto scam under the name of Elon Musk posted on its account, but it seems that they were able to reclaim the account and delete the tweet.

Now the scam has become more nuanced as it uses Twitter's own verification to make it more convincing.

However, this situation had reached its true climax when the real Elon Musk was suspended from his account for a brief time for mocking the fake account.

In January, Twitter saw an influx of Litecoin (LTC) founder "Charlie Lee" impersonators, with multiple imposters posing as the LTC creator and promoting a fake LTC giveaway.

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