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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Not Just For Selfies: Twitter Crypto Scam And How Social Media Transfers Value

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
crypto twitter scam selfie

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This week, the popular social platform Twitter was hacked to promote a scam where $120,000 in Bitcoin was stolen. Similar crypto scams have run rampant on the platform for some time.

The ongoing issue highlights how social media has transformed from a place to post selfies, into an online community that is used to transfer value. But how does cryptocurrency fit into that future?

The High-Profile Twitter Scam That Propelled Bitcoin Into Media Crosshairs

Mainstream media caught fire the other night as some of the biggest names in the celebrity world, business, and politics had their twitter accounts comprised.

The accounts total an over 300 million followers, who were baited to send Bitcoin to an address owned by hackers. The hackers leveraged the fans of Kanye and Kim Kardashian West, Elon Musk, and the supporters of Joe Biden.

Over $120,000 in BTC was stolen as a result – a meager haul for such a massive and wide-reaching scheme.

Related Reading | Bitcoin Searches Spike On Google After Twitter Crypto Scam Goes Viral

This type of crypto scam isn’t uncommon on Twitter, it just rarely involves real, verified accounts. Typically scammers impersonate celebs like Musk or Bezos and try to steal crypto from social media users.

The intrusion was covered by nearly every major media outlet, calling it a “Bitcoin scam.” Bitcoin began trending on Twitter and Google searches for the asset spiked.

The situation highlighted how demonized Bitcoin is when it comes to crimes committed by others. But it also exposed a bigger issue: As social media platforms grow into their own sub-economies, security will need to be beefed up to protect the transfer of value.

https://twitter.com/cz_binance/status/1284072809539317760?s=21

Social Media Platform Must Increase Security To Support Transfer of Value

The growth of social media has been unprecedented. Never before have online communities existed with such size, scale, and reach.

Platforms like Facebook sought to launch a cryptocurrency asset to turn its platform into a free-flowing economy of its own.

More and more, social media platforms are being used to transfer value. Whether its Facebook with Libra, WhatsApp with its payments feature, or Reddit with its community ERC20 tokens, new economic ecosystems are being created.

Related Reading | The Most Common Bitcoin Scams And How To Avoid Them

But social media platforms will need to take security much more seriously than they have privacy. Current security is designed to protect from users stealing selfies or digging into personal info.

Deeper account security will be necessary to prevent hackers like those involved in the Twitter scam from stealing funds left and right. Any new monetary system, much like we’ve seen with crypto exchanges and assets, becomes a target quickly.

And given how new this trend is where social media platforms are transferring value regularly, hackers will likely have a field day until improvements are made. However, the more high-profile hacks that make headlines on the news, will push these companies to make changes faster.

Cryptography, and cryptocurrency, may be part of the solution these social media companies can look into, much like Facebook has with their Libra project.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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