A group of scammers has managed to hijack more than eight Twitter accounts belonging to prominent figures in the crypto space. As a result, they have stolen nearly $1 million worth of cryptocurrency. These accounts include the founder of Pudgy Penguins, the CTO of OpenAI, and even outspoken crypto critic Peter Schiff.
According to blockchain investigator ZachXBT, the attackers have been able to carry out these scams through a combination of SIM Swap attacks and potentially a Twitter admin panel. Once they gain control of an account, the scammers immediately post phishing scams, which can remain visible for several hours or even days due to slow response times from Twitter Support. These scams often lead to victims losing their hard-earned cryptocurrency holdings.
Notably, one of the high-profile account hacks was that of Peter Schiff, a well-known gold proponent and cryptocurrency sceptic. The scammers used his account to promote a dubious link relating to tokenized gold in Decentralized Finance. It’s somewhat ironic that Schiff’s account was used to promote something he passionately denounces.
The spotlight on these Twitter hacks raises serious questions about the security measures in place for social media platforms. As more people flock to these platforms for information and engagement, the stakes for compromised accounts become even higher.
On the flip side, the crypto community must focus on education and awareness to prevent falling for such scams. ZachXBT recommends using a security key rather than SMS-based two-factor authentication for better protection. Users must be cautious of suspicious links and offers, especially those involving free airdrops of tokens or other enticing promotions. It’s essential to verify the legitimacy of any opportunities before investing time and resources into them.
In conclusion, while the hijacked Twitter accounts have resulted in substantial financial losses, they also provide an opportunity for the crypto community to become more vigilant and improve security measures. At the same time, social media platforms must up their game in addressing such incidents promptly and ensuring the safety of their users. The ongoing battle between scammers and the crypto enthusiast is a reminder of the importance of careful navigation through the digital world, especially when it comes to safeguarding one’s wealth.
Source: Cointelegraph
