With all the cryptocurrency excitement around the world, the Bitcoin Twitter scam that took place first last year has surfaced again today. It all began this afternoon when Carl Pei, the founder of ‘Nothing’ sent out a mysterious tweet at around 12:50 PM IST. The tweet, which was deleted minutes later, talked about Nothing’s “new” cryptocurrency project called “NothingCoin”.
The tweet added that it is built on the $ETH ERC-20 chain and asked people to send their Ethereum to a public key. Eagled-eyed Twitter users were quick to spot the scam.
The tweet was taken down in a matter of minutes and as we file this story, Carl Pei’s account is still active. OnePlus’ popular ex-co founder still seems to be in control of his Twitter account.
The incident, however, once again, raises questions about Twitter’s security apparatus for this is not the first time an incident of this nature has taken place on the platform.
If you recall, in June 2020, there was a similar mass hacking scam where several high-profile Twitter accounts were hacked to promote a bitcoin scam. Twitter later confirmed that hackers got access to the administrative tools to gain access to the official Twitter handles belonging to Elon Musk, Joe Biden, Barak Obama, and several other popular accounts.
According to a report by the New York Department of Financial Services, those involved were able to steal approximately $118,000 worth of bitcoin last year by duping users into sending the cryptocurrency to the addresses provided in the hoax tweets.
Following the much-publicized hack of June 2020, Twitter made a blog post in September 2020 where it highlighted the steps it intends to take to ensure such incidents don’t happen again. However, the latest hack only signifies that Twitter needs to do much more than blog posts to ensure its platform doesn’t become a hotbed for scamsters and identity thieves.