Hi Everyone! Big news that Twitter got hacked and they were using Bitcoin to cash in!
Be sure to hit the LIKE button and SUBSCRIBE to the channel. Let’s go for 500 subscribers by the end of July!!
You can also hit the notification bell to receive an alert whenever I upload a new video.
Follow me on Instagram ➤➤➤ https://www.instagram.com/garethmeaker9/?hl=en
Mic ➤ https://amzn.to/2CdB9FY
Light ➤ https://amzn.to/2DIbjKT
Tripod ➤ https://amzn.to/2Wix5uS
Some of you may have seen the headlines that Twitter got hacked. On 15 July, there were a string of very high-profile people that had their accounts hacked including: Elon Musk, Joe Biden, Apple, Uber, Jeff Bezos and Barack Obama.
According to Twitter, the scam was done through what is called social engineering, where they hacked the account of a staff member and used their profiles to access the accounts of these twitter users.
To understand what Bitcoin is, lets first look at what a cryptocurrency is:
A cryptocurrency is basically an electronic or digital currency. These are largely not regulated or controlled by a central bank. Bitcoin is probably the most well-known crypto currency.
So, why was Bitcoin used for the hack?
The cryptocurrency conversations have become quite controversial. There are many positives to cryptocurrencies such as using the blockchain technology and it’s a very cost-effective way to make global payments.
What is blockchain?
Blockchain is the innovative technology that uses a decentralised ledger, which means each transaction is stored across multiple ledgers and for a transaction to be processed, all these ledgers need to match exactly. If any of these blocks of data do not match, then the transaction is rejected.
In fact Blockchain technology has been widely adopted by many companies and even many governments are now adopting blockchain technology increasingly.
But there are also many negatives which include allegations that cryptocurrencies have been used to pay for illegal activities and many people have had their cryptocurrency accounts or wallets hacked and cleared out.
So what does this mean in terms of the scam?
Well, government regulators have been concerned about cryptocurrencies for some time now as it is a largely unregulated industry. And so in the case of the scam, it can be very difficult to trace the money and find the culprits.
How much was stolen?
It is not exactly clear at the moment, there are reports of over USD 100,000 and others of over quarter of a million dollars.
So what can we learn from this?
If you have someone offering you money instantly with no risk, then you should be asking questions. If it sounds too good to be true, then it probably is.
Be careful of get rich quick schemes, because they usually make someone rich, but that someone is not you.
External Links:
https://www.businessinsider.co.za/tech/apple-first-ever-public-tweet-was-a-bitcoin-scam-2020-7
https://www.businessinsider.co.za/tech/twitter-says-bitcoin-hackers-had-access-internal-systems-and-tools-2020-7
https://www.businessinsider.co.za/tech/how-to-log-out-active-sessions-twitter-2020-7
https://www.businessinsider.com/hackers-bitcoin-crypto-cashapp-gates-ripple-coindesk-twitter-scam-links-2020-7?IR=T
https://www.bbc.com/news/technology-53445090
https://www.nytimes.com/2020/01/28/technology/bitcoin-black-market.html
https://www.elliptic.co/our-thinking/bitcoin-money-laundering
https://www.forbes.com/sites/nikitamalik/2018/08/31/how-criminals-and-terrorists-use-cryptocurrency-and-how-to-stop-it/#3e7a891d3990
https://consensys.net/blog/enterprise-blockchain/which-governments-are-using-blockchain-right-now/
https://coinmarketcap.com/
DISCLAIMER: Gareth Meaker, including but not limited to any guests appearing in his videos, is not financial/investment advisors, brokers, or dealers. They are solely sharing their personal experience and opinions; therefore, all strategies, tips, suggestions, and recommendations shared are solely for entertainment purposes. There are financial risks associated with investing, therefore, do not act or refrain from acting based on any information conveyed in this video, webpage, and/or external hyperlinks. For investment advice please seek the counsel of a financial/investment advisor(s); and conduct your own due diligence. Links included in this description might be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission.
There is no additional charge to you. The views expressed in this video are those of Gareth Meaker and do not necessarily reflect the views of his employer.
source
Discussion about this post