February 27, 2024

Seven Essential Bitcoin Lessons From Massive Twitter Hacking

July 15, 2020, will forever be remembered as a Twitter nightmare. Jack Dorsey's social network) really became a victim of a massivehacker attack. Many verified accounts of world famous people have been compromised, including politicians, entrepreneurs, show business stars and representatives of large corporations.

Of great concern and concern is thatthe fact that it was not the individual personal accounts of these people that were hacked, but that the hackers were able to gain access to the internal administration platform of Twitter.

Within a few hours, attackers were able to take control of absolutely any Twitter account.... What they did not fail to take advantage of.

The list of hacked accounts is solong, that it's hard to believe that such a thing could happen at all. This list included successful entrepreneurs like Elon Musk, Bill Gates, or Jeff Bezos. Subsequently, the accounts of Barack Obama and Joe Biden were also hacked.

Then the hackers took over the accounts of such companies,like Apple and Uber. And after that, as the icing on the cake, hackers took control of the accounts of companies offering their services in the cryptocurrency industry, such as Binance, TRON, Gemini, Bitfinex, ...

The purpose of the fake tweets was to extort bitcoins

From the accounts of famous people, the hackers published inTwitter messages inviting internet users to send them $ 1,000 in bitcoins to an address on the network. Further, the Twitter user who fell into the trap of scammers was promised that as soon as the amount in bitcoins was received, the celebrity on whose behalf the message was published would then send back the amount doubled:

An example of a tweet posted by scammers. @elonmusk: “You know that I am doing charity work to support the community. I will double all bitcoin transfers sent to my address. You send me $ 1000 and I give you $ 2000 back! Bitcoin wallet address: XXXXXXXXXXXXXXX Tell your friends and families about it! The offer is valid for 30 minutes only. "

Of course, people who succumbed to the trick of the scammers never got anything.

Using accounts from well-known companies like Binance or Gemini, hackers tried to redirect users to a phishing website promising a massive Bitcoin giveaway:

Another example of a tweet used by scammers.
@binance - “We have partnered with CryptoForHealth and are distributing 5000 BTC to everyone.
More information can be found on this site: xxxxxxxx.xxx "

This mass hacking of Twitter accounts continuedfew hours. During all this timeTwitterI completely lost control of the situation.

At any time, a new verified accountthe post could be compromised and a fake tweet could be posted from it. The Twitter administration regained control only after it blocked the ability to post messages from verified accounts.

However, all this is worrying andsuggests that the security of the Twitter platform is very weak. Moreover, it seems clear that there is some kind of root access to the Twitter administration platform, which makes it even easier for hackers to carry out this type of hack.

Today, most mainstream media outlets are filled with sensationalist headlines that lead one to conclude that Bitcoin has been hacked.or that Bitcoin panders to scammers.

This is hardly surprising, and for Bitcoinsuch media coverage should not have any negative consequences. Quite the opposite. Thanks to the hype, many new people will hear about Bitcoin. Anyway, as they say, "black PR is also PR."

Later in this article, I'm going to look at seven key lessons to be learned from this massive hacker attack that Twitter fell prey to.

1. Twitter was hacked, not Bitcoin

To all Bitcoiners this will sound likebanality, but I feel an inner need to write down something important here so that it will serve as a reminder to all other people if they suddenly start to forget about it:Bitcoin was not hacked on July 15, 2020.

Twitter was hacked on July 15, 2020. And then, it was the people who fell into the trap set by the scammers.

Jack Dorsey's social networking platform thathas more than 330 million active users every month, again faced with the fact that its security system was unreliable. But contrary to common practice, when only individual accounts are hacked, this time the hacker attack was aimed at the very administration platform of Twitter.

Bitcoin has been and remains the most secure decentralized network in the world... As a reminder, Bitcoin has never been hacked since its launch on January 3, 2009.

This is quite an achievement when you consider that it is protected only by its users and does not receive any financial support from private investment banks or governments.

2. Give the scammers bitcoins, they are not interested in "shitcoins"

It is no coincidence that hackers tried to rob gullible people of bitcoins. The reason is thatBitcoin is the hardest money in the world.

Bitcoin is doomed to skyrocket its price in the coming years. It is the only cryptocurrency that is of practical importance.

The attackers were clearly aware thatwhat they are doing, and therefore they were not extorting "shitcoins" from their gullible victims. Most altcoins have no practical application in real life, as a result of which in the future their value will eventually approach zero.

It is likely that within twenty years the pricebitcoin could rise to $ 1 million. Fraudsters are well aware of this. This is why bitcoins were the target of their massive attack on Twitter.

3. Greed is your biggest enemy in the Bitcoin world

Greed is one of the seven deadly sins in Christianity. Whether you are a believer or not, you should keep in mind that greed is your biggest enemy in the Bitcoin world.

Their own greed overshadowed the minds of those peoplewho yesterday fell on the hook of scammers and sent them their bitcoins, succumbing to such attractive admonitions of fake tweets from the accounts of famous personalities.

They wanted to get free bitcoins without any effort,and were even willing to believe someone who told them that after they sent $1,000 in Bitcoin, they would get back twice that amount, or $2,000.

Even if a message like this is sent by Elon Musk himself, there is no rush. Better to take a step back and think well, not letting greed take over logic.

Why did Elon Musk need to send everyone $ 1,000 worth of bitcoins?

Even if Elon Musk had such a verystrange wish, do you think he would ask you to send him $ 1000 first? Why would a person with a fortune of $ 80 billion do this?

All of these questions you could and should ask yourself if you did not let your greed prevail over logic.

Bitcoin is a revolution that will change youra life. But for that to happen, you need to act wisely. What does it mean? This means that you should save bitcoins and not spend them under any circumstances, no matter what.

Store your bitcoins on a secure hardwarewallet, and do not touch them under any circumstances. Become a bitcoin HODLER, and of course, never send your bitcoins to anyone, no matter who asks you to.

4. The path of stolen bitcoins can always be traced

Bitcoin is a public blockchain thatallows anyone to view its content. Since the address used by hackers to extort bitcoins is known to everyone, anyone can explore the Bitcoin blockchain to see the balance of this address:

Balance of Bitcoin address used by hackers.

As you can see in this screenshot, as a result of the extortion, the scammers received 12.86 BTC, which at that time amounted to just over$116,000.

The history of these bitcoins can now be trackedforever. Even if hackers move them to some other address, we can find out about it. If they try to send these bitcoins to some cryptocurrency trading platform, they can still be tracked.

As most marketplaces are implementing increasingly stringent KYC (Know Your Customer) policies, scammers will not be able to convert stolen bitcoins into fiat money.

5. You should firmly grasp the fundamentals of Bitcoin

The scam that took place on Twitter yesterday was massive. However, this is nothing new. Many people fall into this trap almost every day.

The problem is that many newcomers to the Bitcoin world don't know its fundamentals.

Such people send their bitcoins to addresses belonging to cybercriminals and scammers, and then come and ask how they could get their precious bitcoins back.

Instead of asking such questions, these people should get involved in education and improve their knowledge of the fundamentals of Bitcoin.

Each confirmedbitcointransaction is irreversible.

When you send someone your bitcoins, you are notyou can cancel the transaction. Unlike the banking system everyone is familiar with, this is a complete paradigm shift. In the world of Bitcoin, refunds simply do not exist.

The recipient of a bitcoin transaction has absolutely no restrictions on what he can do with the bitcoins he receives.

This means that the sender must think carefully about what he is doing before sending bitcoins to someone. You have to be doubly careful not to forget one simple rule:

If something looks like a scam, it is a scam.

6. You are responsible for the security of your bitcoins

Bitcoin gives you absolute freedom. In addition to freedom, Bitcoin puts tremendous power in the hands of its users. But this great power comes at a price.

Remember what Uncle Ben told Spider-Man:

"Together with great power comes great responsibility"

Bitcoin gives you the ability to live your life the way you want it, but it also means that you are solely responsible for the security of your bitcoins.

You cannot blame anyone if you lose your bitcoins by falling into the trap of scammers. Nobody will compensate you for anything. There is no such insurance as in the banking system.

In my opinion, this is a very small price to pay forto be able to control what you own. With Bitcoin, no one can stop you from using your money the way you want. Moreover, no one can confiscate your bitcoins.

As long as you hold the private keys to your bitcoin wallet, you are the only true captain of the ship.

7. Don't Trust, Check

People falling into scam traps likethe one that happened on July 15, 2020 on Twitter, get exactly what they deserve. I may sound cruel to say this, but all bitcoiners will agree with me.

You buy bitcoin, but you don't even think about putting in any effort to understand how it works.

If you subsequently foolishly lose your bitcoins, then only you will be to blame. In addition, you don't need to be seven inches in the forehead to remember the simple motto of Bitcoin:

Don't trust, but check!

You should always have this in your head when making any bitcoin transactions... This will help you avoid falling into fraudulent schemes that, unfortunately, work, but only work because of the gullibility of some people.

Buying bitcoin is a great solution, but it also means you will take it one step further in understanding how to keep your wealth safe.

Keeping your bitcoins safe is easyif you take the time to properly learn the fundamentals of Bitcoin and understand how it works. You just need to put in some effort, taking the time to research the best recommendations on this topic.

Conclusion

Massive break-in that sufferedTwitter on July 15, 2020, underlines the fragility of this platform, which, by the way, is trusted by over 330 million people monthly. This should lead you to the simple fact that you should never store important information on social media.

Because of this recent attack on Twitter, many of the world's media will be pouring tons of criticism on Bitcoin, but don't be fooled by them:Bitcoinwereremains the most secure decentralized network in the world.

No one has ever managed to hack Bitcoin withthe moment of its creation. None of the GAFAs (Google, Apple, Facebook, Amazon) can boast of the same, although they have a lot more money at their disposal to provide their systems with reliable protection.

I sincerely hope this theft scambitcoins from gullible people via Twitter will make more people realize and understand that the security of the bitcoins they own should be their number one priority.

You will be forever regretting if you miss the Bitcoin Revolution for not knowing the safety rules to be followed in the Bitcoin world.

Bitcoin wasn't hacked, it was hackedTwitter.

</p>