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The Bitcoin Giveaway Twitter Scam Caused By A Phone Spear-Phishing Attack

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After the infamous Twitter hack in mid-July, the social media giant has published a new update on its investigation, informing that the perpetrators successfully targeted a small number of employees through a phone spear-phishing attack.

Phishing Attack Caused The Twitter Hack

Following the blatant attack on its network, Twitter has been quite transparent in its investigations, at least according to the regular updates the company shares. In the latest one, the social media platform outlined again that the law enforcement investigation continues, and they managed to discover the source of the initial vulnerability.

“The social engineering that occurred on July 15th, 2020, targeted a small number of employees through a phone spear-phishing attack. A successful attack required the attackers to obtain access to both our internal network as well as specific employee credentials that granted them access to our internal support tools.” – reads the update.

While not all targeted employees had permissions to use account management tools, the perpetrators exploited their credentials to access internal systems and gain valuable information about Twitter’s processes and operations. By acquiring this data, the attackers focused on employees that possessed access to the account support tools.

Ultimately, by using those credentials, the hackers attacked 130 Twitter accounts, tweeted from 45, accessed the DM inbox of 36, and downloaded data from 7.

The recent update also asserted that Twitter has contacted each impacted account owner directly and “worked to restore access to any accounts who may have been temporarily locked out during our remediation efforts.” The company has also limited access to its internal tools and systems to ensure enhanced security until the completion of the investigation.

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Twitter Hack: The Short History

As CryptoPotato reported on July 15th, lots of cryptocurrency-related accounts of popular individuals and companies got hacked. As a result, the same message appeared on each, containing a suspicious partnership and an offer to give back 5,000 BTC to the community.

Minutes later, the attack reached the accounts of Bill Gates, Barack Obama, Joe Biden, Kanye West, Elon Musk, Jeff Bezos, Apple, Uber, and more. The message was slightly different, but the end idea was the same – “to give back 5,000 BTC.” All people had to do to get some of that massive amount was to send funds in bitcoins to a specific address and wait to receive double that amount.

Needless to say, it was an apparent fake Bitcoin giveaway scam. However, lots of people fell for it as some reports indicate that over $120,000 in BTC were sent to those fraudulent addresses.

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Source: https://cryptopotato.com/bitcoin-giveaway-twitter-scam-caused-by-a-phone-spear-phishing-attack/

Blockchain

Invest 3% in Bitcoin to Avoid COVID-19 Lockdown Devaluation — BitGo CEO

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Coronavirus lockdowns will force people out of fiat currency and into gold and Bitcoin (BTC), the CEO of cryptocurrency asset manager BitGo has warned.

In a series of tweets on Aug. 12, Mike Belshe strongly urged investors to divert a minimum of 3% of their portfolio into Bitcoin.

Belshe: investors will move from cash to gold, Bitcoin

As multiple jurisdictions around the world reenter compulsory lockdown conditions, Belshe said that in the United States, the government had made a prison for itself using the policy.

“The government is being forced to maintain lockdowns for political correctness, which will force them to print money even faster. Institutional investors are flagging this and recognize the devaluation will make cash hard to hold,” he wrote. 

Those institutions hit the headlines conspicuously this week, when billion-dollar corporation MicroStrategy confirmed it had adopted Bitcoin as its treasury reserve asset.

A $250 million buy-in cemented the sense of change, with CEO Michael Saylor highlighting Bitcoin’s unique properties as money.

“They’re looking for alternatives, and it… comes down to Bitcoin and gold,” Belshe continued.  

“If you don’t have some Bitcoin now, it is time to put at least 3% of your net worth into Bitcoin. This is the lowest risk, highest asymmetric upside investment you will likely see in your lifetime. Or stop the lockdown. But still get Bitcoin.”

2020 macro asset returns comparison as of Aug. 12

2020 macro asset returns comparison as of Aug. 12. Source: Skew

Hard money not inflationary paper

As Cointelegraph reported, the premise behind lockdowns has come under heavy criticism from Bitcoin supporters. 

In particular, “The Bitcoin Standard” author Saifedean Ammous has lambasted the measure as being far more detrimental to the population of a country in the long term than Coronavirus.

The criticism follows on from that contained in Ammous’ book and others critical of economic policy based on spending and borrowing, such as Henry Hazlitt’s “Economics in One Lesson.”

A clear relationship between inflationary fiat currency and reduced prosperity means that Bitcoin is the only genuine solution for those who wish to save for the future.

This week, the message became all the more clear as data showed correlation between Bitcoin price action and expanding central bank balance sheets.

Source: https://cointelegraph.com/news/invest-3-in-bitcoin-to-avoid-covid-19-lockdown-devaluation-bitgo-ceo

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Cointelegraph Launches Newsletter for Professional Investors

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Every 1st and 15th, Cointelegraph Consulting provides the latest inside scoop on cryptocurrency price action and rationale in its Market Insights newsletter. Here’s a preview of one of this month’s editions. 

Editor’s note

Crypto asset prices have flown upward in recent weeks, with various altcoins posting gains reminiscent of the great 2017 digital asset bubble. Assets such as Chainlink (LINK) and Band Protocol (BAND) have tallied triple digits percentage gains. 

Bitcoin (BTC), the industry’s pioneer asset, has also shown significant upside action. The asset travelled up slightly past $12,000 on Aug. 2 before subsequently falling more than $1,000 in the same 24-hour period. Aug. 10 saw BTC return to the $12,000 level, again facing rejection, sustaining a subsequent drop of several hundred dollars. Overall sentiment in the crypto investing and trading realm, however, remains high. 

Mainstream financial players also continue entering the digital asset industry via Bitcoin, with intelligence giant MicroStrategy as one of the latest entrants. Buying over 21,000 BTC, the firm has adopted the coin as its reserve asset.  

Benjamin Pirus, Reporter

Insights from around the digital asset sphere

Bitcoin whales may have sold some of their stockpiles. Recent data shows only 15,912 Bitcoin addresses holding 100 or more BTC — the lowest number in five years. Such network data implies large Bitcoin participants may be selling instead of accumulating. 

In terms of sentiment, however, crypto’s inaugural asset shows a major turnaround from the bearishness seen previously. Over the last two weeks, the market has expressed a significant bullish tone, topping at 1.2 standard deviations during Bitcoin’s most recent run toward $12,000. 

Data also shows an uptick in the number of dollars moving onto centralized exchanges via U.S. dollar stablecoin USDC — a signal which has often proved as a precursor to previous bullish Bitcoin price action. 

In contrast, Bitcoin’s Market Value to Realized Value, or MVRV, ratio looks troublesome, posting a 30-day value of 1.15 on August 2. This essentially means short-term Bitcoin investors boasted an average 15% profit across the board. 

On a separate front, Ethereum holds hot on Bitcoin’s tail in terms of transaction volume. Bitcoin now touts 3.4x the transaction volume seen on Ethereum’s blockchain, a dwindling lead, according to numbers from the beginning of August. 

Read the full newsletter edition here to get the entire scoop, complete with charts and images. 

Cointelegraph’s Market Insights Newsletter strives to share our knowledge on the fundamentals that move the digital asset market. With market intelligence from one of the industry’s leading analytics providers, Santiment, the newsletter dives into the latest data on social media sentiment, on-chain metrics, and derivatives. 

We also review the most important news hitting the industry including mergers and acquisitions, changes in the regulatory landscape, and enterprise blockchain integrations. Sign-up now to be the first to receive these insights.

Source: https://cointelegraph.com/news/cointelegraph-launches-newsletter-for-professional-investors

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Bitcoin Cash short-term Price Analysis: 12 August

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After Bitcoin’s collapse down to $11,285, the rest of the altcoin market finally appeared to tag along for the current bearish ride. Bitcoin Cash, just like other major altcoins slipped by 12.36%, as its valuation witnessed a downtrend from a high of $305 to $270.

After the markets actively pictured a recovery, a short-term long opportunity is prevailing for Bitcoin Cash in the industry.

Bitcoin Cash 1-hour chart

Source: BCH/USD on Trading View

Analyzing the short-term chart for Bitcoin Cash, clear decimation of the immediate support at $291 can be observed. The price dipped under $280 as well but at press time, recovery is taking place overturning the former bearish trend. The low was registered on $270 a couple of times, which led to a minor double bottom pattern over a period of 8-hours. With the Relative Strength Index or RSI eyeing 50 at the time of writing, a complete recovery of valuation is unlikely.

However, 10-Moving Average (10-MA) and 20-Exponential Moving Average (20-MA) were acting as immediate support for the surge at press time.

Bitcoin Cash 30-mins chart

Source: BCH/USD on Trading View

Now, analyzing the 30-min chart for BCH, a price entry point at $276 with profit margins exit at 291 leads to a risk-reward ratio of 2.39x. The stop loss can be placed at $270, and any declination below that might lead to staggering losses. The minor concern with the 30-min chart is that RSI is already reaching a little saturation in terms of buying pressure hence, a drop down to $280 should be expected.

However, support for 10-MA and 20-EMA should allow the asset to reach $291 before undergoing a trend reversal.

Conclusion

Bitcoin Cash should register a re-test at $291 under the next 12-24 hours.

Source: https://eng.ambcrypto.com/bitcoin-cash-short-term-price-analysis-12-august

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