Tuesday January 22, 2019
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Twitter working to fix cryptocurrency scam issue

On seeing that the threads were posted by "verified accounts", people fell in the trap and lost digital assets

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Avoid making decisions based on emotions and find reliable sources for information as it will become a trader’s best asset.
Avoid making decisions based on emotions and find reliable sources for information as it will become a trader’s best asset.
  • Twitter to curb copycat handles
  • This will help is curbing scams related to cryptocurrency
  •  Many people have lost assets due to fake accounts

As the issue of copying verified Twitter accounts to trick cryptocurrency users is becoming increasingly prevalent, the microblogging company has said that it is working to curb these copycat handles.

Twitter working to eliminate fake accounts. VOA
Twitter working to eliminate fake accounts. VOA

Company CEO Jack Dorsey on Tuesday replied to a tweet that complained about the ongoing cryptocurrency scam on Twitter in which several users have been tricked and their digital assets were stolen.

“We are on it,” Dorsey replied to a user who questioned the CEO if the company was taking note of it, Coindesk.com reported. On February 26, Dorsey had said that his company was aware of the issue and they “are fixing” the problem.

Also Read: Twitter rolls out Bookmarks feature globally

Several users have been complaining about being duped on Twitter by fraudulent offers that promise a huge amount of Ether cryptocurrency in return for small initial deposits. These offers are being made by accounts that mimic well-known industry members and have a “blue tick” (verified account).

As a preventive measure, Twitter had banned several accounts, including the support team for cryptocurrency exchange Kraken despite they tried to warn others about the scam. On Tuesday, the ban on Kraken’s customer support handle was lifted.

“Good news, guys! @krakensupport is back! Strange that our initial appeal was also apparently handled by an automated system. Thank you all for your public outrage. Stay vigilant,” it announced.

Many people lost digital assets due to fake accounts on Twitter.
Many people lost digital assets due to fake accounts on Twitter.

According to the report, the scam began after an influencer posted a tweet regarding a fraudulent offer which was followed by similarly designed accounts.

In order to make the posts seem more legitimate, the spam accounts posted supportive messages, claiming that they have received the returns. On seeing that the threads were posted by “verified accounts”, people fell in the trap and lost digital assets. IANS

Next Story

Russia’s Communication Watchdog Opens Administrative Proceedings Against Twitter, Facebook

In April last year, thousands rallied in Moscow in support of internet freedom after Russian authorities attempted to block access to the popular messaging app Telegram.

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Facebook, Fake News
A user gets ready to launch Facebook on an iPhone, in North Andover, Mass., June 19, 2017. Facebook has made changes to fight false information, including de-emphasizing proven false stories in people's feeds so others are less likely to see them. VOA

Russia’s communication watchdog, Roskomnadzor, opened “administrative proceedings” Monday against Facebook and Twitter for non-compliance with country’s data laws, Interfax news agency reported.

Roskomnadzor head Alexander Zharov is quoted as saying that U.S. social media giants have a month to comply or face legal proceedings.

According to Roskomnadzor, Facebook and Twitter have not explained how and when they would comply with legislation that requires all servers used to store Russians’ personal data to be located in Russia.

Facebook, data,photos
A television photographer shoots the sign outside of Facebook headquarters in Menlo Park, Calif. VOA

Russia has introduced stricter internet laws in the past five years, among other things requiring search engines to share encryption keys with Russian security services.

Also Read: Twitter Rolls Out Reverse-chronological Timeline Option For Android

In April last year, thousands rallied in Moscow in support of internet freedom after Russian authorities attempted to block access to the popular messaging app Telegram.

Telegram had refused to give state intelligence services access to private conversations which are usually encrypted. (VOA)