SlideShare a Scribd company logo
Deconstructing
the Twitter
Crypto Scam
WHAT happened?
• Twitter users were targeted with a crypto
scam.
• 130 accounts were hacked, using them
millions were targeted.
• The accounts used for the scam were public
figures like, Elon Musk, Bill Gates, and Barack
Obama.
• Company accounts such as Apple, Uber were
also used.
• Scam ran for two days (15 – 16 July) before
Twitter took action.
• Victims lost a total of USD 118K.
HOW it happened?
• The scammer used Bitcoin wallet to remain
untraceable.
• The scammer used social engineering
attacks on Twitter employees to gain
access to internal systems and tools.
• The scammer turned Twitters own tools
against them to access accounts and
posted tweets on their behalf.
• Multi-factor authentication was bypassed.
• Personal information of the account holders
was accessed.
HOW Twitter responded?
• Twitter support worked to investigate and
mitigate the issue.
• Locked affected accounts so they could not
tweet.
• Secured access to the internal systems.
• Contacted affected users individually to
regain access.
• Provided updates about the scam to the
community using blog post.
What is the AFTERMATH?
• Twitter will have to fix gaps in the
company’s security awareness program to
avoid social engineering attacks in the
future.
• Twitter faces huge fines under the European
GDPR.
• Twitter may face huge fines from US FTC
(fair Trade Commission).
• Twitter users who fell for the scam
collectively lost USD 118K in two days.
• BitTorrent and Tron founder Justin Sun
announced a USD 1 million bounty to track
down the hackers.
What are the key TAKEAWAYS?
• Social engineering attacks are best prevented by
improving user awareness. Companies should
regularly test and review their employees for cyber
security awareness.
• A tool in the wrong hands can do harm. Learning
from Twitter’s mistake, companies should control
access for such critical business tools to limited
users.
• Companies like Twitter that have a public platform
must understand that the platform can be used to
scam users. Content moderation must be planned
and implemented.
• Users should not blindly trust unvalidated content.
Messages received on SMS, emails and social media
must be validated before acting on.

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Twitter bitcoin scam_jul_2020

  • 2. WHAT happened? • Twitter users were targeted with a crypto scam. • 130 accounts were hacked, using them millions were targeted. • The accounts used for the scam were public figures like, Elon Musk, Bill Gates, and Barack Obama. • Company accounts such as Apple, Uber were also used. • Scam ran for two days (15 – 16 July) before Twitter took action. • Victims lost a total of USD 118K.
  • 3. HOW it happened? • The scammer used Bitcoin wallet to remain untraceable. • The scammer used social engineering attacks on Twitter employees to gain access to internal systems and tools. • The scammer turned Twitters own tools against them to access accounts and posted tweets on their behalf. • Multi-factor authentication was bypassed. • Personal information of the account holders was accessed.
  • 4. HOW Twitter responded? • Twitter support worked to investigate and mitigate the issue. • Locked affected accounts so they could not tweet. • Secured access to the internal systems. • Contacted affected users individually to regain access. • Provided updates about the scam to the community using blog post.
  • 5. What is the AFTERMATH? • Twitter will have to fix gaps in the company’s security awareness program to avoid social engineering attacks in the future. • Twitter faces huge fines under the European GDPR. • Twitter may face huge fines from US FTC (fair Trade Commission). • Twitter users who fell for the scam collectively lost USD 118K in two days. • BitTorrent and Tron founder Justin Sun announced a USD 1 million bounty to track down the hackers.
  • 6. What are the key TAKEAWAYS? • Social engineering attacks are best prevented by improving user awareness. Companies should regularly test and review their employees for cyber security awareness. • A tool in the wrong hands can do harm. Learning from Twitter’s mistake, companies should control access for such critical business tools to limited users. • Companies like Twitter that have a public platform must understand that the platform can be used to scam users. Content moderation must be planned and implemented. • Users should not blindly trust unvalidated content. Messages received on SMS, emails and social media must be validated before acting on.