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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Twitter on the Defensive, Blames Third-Party App for Recent Scams

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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Twitter is pointing the finger at an unnamed third-party app as the party responsible for a string of cryptocurrency giveaway scams in recent weeks involving some major brands.

Throughout the year, the popular social media platform Twitter has been in a losing battle against a massive botnet and cybercriminals who are hijacking prominent, verified accounts and using them to steal cryptocurrencies from their user base. 

Despite the problem being a lingering one, in recent weeks, the frequency of the scheme had appeared to escalate significantly, hitting a total of four big name brands and resulting in thousands of dollars in stolen cryptocurrency.

The scammers first targeted a British fashion brand and the United Kingdom arm of a French film studio, and shortly after set their sights on U.S. retail giant Target, and search engine powerhouse Google, via their G Suite brand account. The accounts were used to tweet promoting a cryptocurrency giveaway scam, and the tweets were promoted via the platforms paid advertising system. 

Over $185,000 in cryptocurrencies such as Bitcoin and Ethereum were stolen from Twitter users as a result.

Shortly after Target was hacked, Twitter claimed it had implemented some security measures aimed at preventing the frequency of the scheme that have long been plaguing the social media platform. Not even hours later, Google’s G Suite account was hacked, suggesting more might be at play.

Related Reading | Bitcoin Beats Twitter: Square Market Cap Reaches $30 Billion

Target had initially apologized to its audience after the retailer’s “Twitter account was inappropriately accessed,” but after blamed it on a third-party app.

Now, Twitter itself is pointing the finger at an unnamed third-party app as the backdoor hackers used to post the tweets promoting the crypto giveaway scam. A spokesperson for Twitter confirmed to Hard Fork that it was a third-party marketing app that was hijacked and used to promote the scam.

Twitter itself was tight-lipped over which app might have been responsible. Major brands often use third-party marketing software, apps, or platforms to help them in their marketing efforts to better reach their target audiences, allow for the scheduling of posts, and to allow for better tracking metrics than what is traditionally offered from platforms like Twitter and Facebook. 

Such examples of social media marketing apps would be Hootsuite, or Buffer.

The social media giant has been on the defensive for much of 2018, and the cryptocurrency scam has taken advantage of thousands of eager investors seeking to make a quick buck.

The issue has become so widespread, that celebrities and cryptocurrency industry icons have begun voicing their concerns, calling for action, and are even adding phrases like “not giving away crypto” to their usernames in an attempt to warn users.

Featured image from Shutterstock.

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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.

Read more

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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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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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