"Elon Musk" Crypto Scam May Have Snagged Dozens Of Bitcoin (BTC)

Major European film group hacked to promote Bitcoin scam on Twitter

Generally, the scammers will hack a verified account, change the display name to "Elon Musk", copy his profile photo, and then tweet about a fake cryptocurrency giveaway.

The hackers put up a fake tweet by Elon Musk proposing a scheme for multiplying the number of bitcoins sent by the users in exchange of a small amount of cryptocurrency sent to the desired wallet link.

Elon Musk has been a long time favorite person to pose as scammers on Twitter, A few month ago he even remarked "I want to know who is running the Etherium scambots!"

The compromised Matalan Twitter account retweeted Elon Musk Tweets to look more legitimate.

Be aware that this is a scam and you should not by any means send Bitcoin to an address that claims to be owned by Elon Musk.

The bitcoin wallets associated with the scam suggest the campaign has been successful for the attackers, with nearly 400 users contributing a combined total of 28 bitcoin to the cryptocurrency wallets - now the equivalent of £137,000 ($180,000).

British fashion retailer Matalan, film distributor Pathe UK and U.S. publisher Pantheon Books were among those whose accounts were taken over by scam artists, the BBC reported on Monday.

The scam itself is pretty simple: the scammer hacks a Twitter-verified account, changes the name to "Elon Musk" or something similar, changes the profile picture to Musk's current photo, and then begins tweeting as if they were the Tesla CEO.

The scam is made to seem more trustworthy as various other compromised accounts reply to the tweet claiming that it works.

Twitter doesn't enforce two-factor authentication (2FA) on verified accounts, but recommends it as a precaution for users.

"Impersonating another individual to deceive users is a clear violation of the Twitter Rules".

At the Black Hat cybersecurity conference this August, computer researchers at Duo Security said an analysis of 88 million Twitter accounts between May and July 2018 revealed a huge bot-net that was actively promoting cryptocurrency scams.

Twitter spokeswoman Liz Kelley told Quartz in an email, "In recent weeks, impressions have fallen by a multiple of 10 as we continue to invest in more proactive tools to detect spammy and malicious activity".

Musk has previously asked Dogecoin co-creator Jackson Palmer to help provide a fix to the scam accounts issue. "This is a significant improvement on previous action rates", they added.

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