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Twitter Says ‘Coordinated Social Engineering’ Attack Caused Bitcoin Scam
by Sebastian Sinclair on July 16, 2020 at 3:45 am
Twitter says "a coordinated social engineering attack" against an employee caused Wednesday's massive takeover.
Chainalysis Says Bitcoin Scammed From Twitter Users Is ‘On the Move’
by Danny Nelson on July 16, 2020 at 1:45 am
The defrauded bitcoin amassed during Wednesday’s monumental Twitter hack is already “on the move,” according to cryptocurrency tracing firm Chainalysis.
Twitter Breach Reactions: Security Professionals Offer an Early Assessment
by Brady Dale on July 15, 2020 at 11:48 pm
OpSec pros had a wide array of opinions on Wednesday's Twitter breach, but they all agreed the fault did not lie with each hacked account's owner.
Obama, Biden, Netanyahu, Musk: Here’s a List of Every Hacked Twitter Account
by Nikhilesh De on July 15, 2020 at 10:45 pm
Twitter got hacked. Prominent users are shilling sketchy crypto addresses. Here's a list of victims.
Everything We Know About the Bitcoin Scam Rocking Twitter’s Most Prominent Accounts
by Danny Nelson on July 15, 2020 at 9:37 pm
Twitter’s thin veil of security went into full meltdown at 19:00 UTC on Wednesday. Within hours, even Barack Obama’s account was compromised.
Bitcoin Is “Teetering” as Price Prepares to Move Below Crucial Support
by Nick Chong on July 16, 2020 at 1:00 am
This may sound like a broken but Bitcoin has once again flatlined in the low-$9,000s. For the past two to three weeks, the leading cryptocurrency has traded within a few percentage points of $9,200 on both sides. According to an analyst, this consolidation is likely to resolve to the downside as Bitcoin is preparing to fall below a crucial technical level. Bitcoin Is About to Fall Below A Pivotal Level Bitcoin’s consolidation over recent weeks
Stablecoin Supply Has Reached $12 Billion; Why This is Bullish for Bitcoin
by Cole Petersen on July 15, 2020 at 11:00 pm
The amount of stablecoins circulating throughout the crypto market has been tremendous growth in 2020 Although it took this fragment of the market five years grow to $6 billion in size, it has grown to over $12 billion throughout the past six months alone This is an extremely positive development for Bitcoin, as many view the stablecoin supply as “dry powder” that can help ignite future rallies Because billions of dollars are pouring into these
Here’s Why One Analyst Thinks Cardano (ADA) Could Soon “Nuke” Lower
by Cole Petersen on July 15, 2020 at 8:00 pm
Cardano saw a massive upswing yesterday that allowed it to erase virtually all of its recent losses For a brief period, the crypto even tapped its previously established yearly highs, although the selling pressure here proved to be quite significant As for where the cryptocurrency could trend next, analysts are growing increasingly cautious about its outlook Despite there being a few technical signs that suggest it may continue pushing higher, one trader is noting that
Spikes in Bitcoin Exchange Inflows Signal a Large Selloff is Looming
by Cole Petersen on July 15, 2020 at 6:00 pm
Bitcoin has continued trading sideways within the lower $9,000 region overnight, with its ongoing consolidation phase now extending over ten weeks Although the crypto has yet to express any clear momentum, likely, this lackluster trading bout will ultimately result in it making a massive movement Analysts are now noting that exchange inflows over the past few weeks have been surging, suggesting that traders may be preparing to offload their BTC This could help provide the
Why Hasn’t Bitcoin Followed Stocks Rallying On Positive Vaccine Data?
by Tony Spilotro on July 15, 2020 at 3:00 pm
Overnight, news broke that early trial human patients developed a “robust” immune response to a potential virus vaccine from Moderna. Stock futures soared over the news, and the stock market opened today higher as a result. But even despite an ongoing correlation between Bitcoin and the S&P 500, the cryptocurrency isn’t following this pump. What’s the reason behind Bitcoin lagging on positive news that sent the stock market back to retest recent highs? Early Stage
Cointelegraph.com News Cointelegraph covers fintech, blockchain and Bitcoin bringing you the latest news and analyses on the future of money.
Who Owns the ‘CryptoForHealth’ Domain Behind the Twitter Hacks?
by Samuel Haig on July 16, 2020 at 3:51 am
Data concerning the owner of a website associated with today’s wholesale Twitter account hacks has leaked online. Internet sleuths have converged on the website ‘CryptoForHealth.com’ which was associated with the widespread Twitter account hacks that began on July 15.The earliest incarnations of the scam saw the accounts of numerous crypto luminaries purport to partner with CryptoForHealth to give away 5,000 Bitcoins (BTC) to their followers.Identical tweets claiming a partnership with CryptoForHealth were posted by the accounts of top crypto exchanges Coinbase, Gemini, Binance, and their executives, earlier today.The hacks prompted Gemini’s co-founders Tyler and Cameron Winklevoss to warn that “all major crypto Twitter have been compromised” despite the company’s use of strong passwords and two-factor authentication.Internet archive image of cryptoforhealth.comCryptoForHealth.com The domain was registered on the same day as the hack, according to the Internet Corporation for Assigned Names and Numbers. The site has since been flagged as a phishing site and taken offline. The domain registration information for the website was found to be publicly available, with CryptoForHealth.com purportedly having been registered by ‘Anthony Elias’ of California using the email address email@example.comHowever, the street address provided does not exist according to Google Maps, while the phone number does not connect. Whois has since removed the information, labeling it as having been “redacted for privacy.”Bitcoin tops Twitter trendsThe hack has seen ‘Bitcoin’ rank as the top-trending keyword on Twitter after the official accounts of Elon Musk, Jeff Bezos, Mike Bloomberg, and other prominent business magnates touting fraudulent crypto giveaways to their supporters. One Twitter user reported that his mother’s account was compromised, sharing a screenshot of a message from her announcing a 5,000 BTC giveaway related to CryptoForHealth.Crypto giveaway scams have proliferated in recent months, with many fraudsters using YouTube to promote their schemes.
DeFi Earnings Fell 42% in Q2 Even as Token Prices Surged
by Martin Young on July 16, 2020 at 3:28 am
DeFi earnings fell in Q2 as MakerDAO dropped the savings rate and Synthetix began reporting its actual earnings. The DeFi industry may be booming this year, but a new report shows earnings have fallen despite a huge surge in token prices.The second quarter token report from Bankless, a DeFi focused newsletter from Mythos Capital founder, Ryan Sean Adams, revealed that earnings fell by 42% in the second quarter, from $5.5 million in Q1 down to $3.9 million in Q2. The findings are somewhat surprising since most DeFi related tokens have been on fire recently. Dai Savings Rate decline blamed One big factor was MakerDAO shifting the stability fee (SF) down to 0% following the mid-March crypto crash. The Dai Savings Rate (DSR), which was previously as high as 8%, also fell to zero as Maker battled to keep its dollar peg at the right place. Dai traded as high as $1.08 during the crash so the DSR was dropped to encourage borrowers to mint more Dai to sell into the market.The move saw earnings for Maker fall from over $1.2 million in the first quarter down to around $150k for the second. The DSR has never recovered and remains at 0% today according to the Oasis DeFi savings app. Synethix misreporting earningsSynthetix was another cause of declining revenues in the sector — due to over reporting earnings in Q1. The report said the Australian based project, “was suffering from front-running attacks that disproportionately reported earnings for the derivatives protocol.”The platform remedied the issue and reported around $267,000 in quarterly earnings, which is an order of magnitude lower than the $2 million reported for Q1. According to the chart, MakerDAO and Synthetix dominated over half of all revenue reported for the DeFi sector between January and March this year. The balance has changed significantly for Q2 with the likes of Compound, Kyber, dYdX, and 0x taking a much larger slice.Kyber was the highest earner for the period with $634,000 generated over the three months, while Compound came in a close second with just under $625,000. DeFi platform dYdX earnt around $624,000 while the 0x protocol made $445,000 in quarterly revenue for holders of its native token, ZRX. Another notable change in the second quarter has been the entrance of newcomers including Uniswap V2 which was launched in May, Balancer, Ren, Gnosis, and Loopring which all had protocol upgrades, or token launches during the period. Despite DeFi’s earnings decline, token performance has been impressive with most of them outpacing their traditional cryptocurrency brethren. DeFi users have also increased during the period thanks in part to the liquidity farming frenzy.
Crypto Twitter Responds to the Twitter Hack
by Joshua Mapperson on July 16, 2020 at 3:03 am
Crypto Twitter has taken aim at the Twitter hack, suggest there is more to this attack than meets the eye. Earlier this morning, a large-scale Twitter attack took over some of the most powerful verified Twitter accounts including Joe Biden, Elon Musk, Bill Gates, Kanye West, Kim Kardashian, Wiz Khalifa, Warren Buffett, Mike Bloomberg, Barack Obama, and Jeff Bezos.The attacker has posted about fake giveaways from the compromised accounts, asking for Bitcoin (BTC) payments and promising to send back double the amount received.Official ResponsesMany of the accounts were quick to respond to the hack with the Tweets being deleted and Twitter temporarily locking down all verified accounts until the situation has been resolved.Twitter Support said: “We are aware of a security incident impacting accounts on Twitter. We are investigating and taking steps to fix it. [...] We’re continuing to limit the ability to Tweet, reset your password, and some other account functionalities while we look into this.”Twitter CEO Jack Dorsey posted that the team is continuing to investigate what happened and he said: “We all feel terrible this happened.”Multiple companies with compromised accounts have responded. Binance announced that they are taking action to protect their assets by blacklisting the scammer’s addresses and have retaken control of their Twitter account. The exchange also stated that no Binance users has sent Bitcoin to the address.How they did itOne mystery behind the hack is how the attackers obtained access to so many high profile accounts. One theory suggests the work of an ex/current Twitter employee:“Prob inside job... knew inter workings of Twitter... too obvious... disgruntled employee maybe?”A post by Vice supports this theory with screenshots of Twitter’s internal admin panel uncovered by the underground hacking community. Some users have even named a particular ex-Twitter developer as the man behind the attack — although this is totally unverified and zero proof was provided.BadCrypto podcast host Travis Wright shared a screenshot that a group called BoboChan was claiming responsibility:Twitter got rekt by this group today. pic.twitter.com/DRlz2nBsNh— Travis Wright (@teedubya) July 16, 2020Andreas Antonopoulos suggested an alternative theory, saying Twitter might not be where the attacker got in, “It seems like some Twitter API posting service has been compromised and being used to send out fake ‘giveaway’ tweets. [...] I don’t think this is a compromise of Twitter.” He went on to say that these services often have weaker security and limited 2FA options.Is there more to it than meets the eye?Many of the tweets also refer to ‘CryptoForHealth’ with a link to the site which has since been taken offline.Hacken Group CEO Dyma Budorin warned users this site might also involve malware.“If you have clicked [on] that link then most probably you already have malware [on] your device. Immediately terminate active sessions from twitter and all exchanges accounts. And don’t use this device before the world understands what happened #cryptoforhealth”“Super low IQ”The attackers appear to have missed a trick as anyone with access to so many influential accounts could have easily chosen to manipulate the markets through FUD rather than run giveaway scams. Crypto trader Sicarious described the hackers as “super low IQ” and explained a better approach would be to short Bitcoin then blast news about “SEC raids, exchange hacks, funds not being ‘safu’”.Another well known crypto trader DonAlt responded suggesting the same approach could have pumped Bitcoin’s price with the accounts tweeting news of “a coin being adopted as a reserve currency for the US to thwart China and bought beforehand.”A prelude to a Bitcoin hackBitcoin skeptic and gold enthusiast Peter Schiff commented on the attack wondering “if this is a harbinger of Bitcoin itself being hacked”, finishing the tweet by saying, “Better to play it safe and just buy #gold.”But as Anthony Pompliano tweeted: “Twitter was hacked. Bitcoin has never been hacked.”Blockstream CEO Adam Back posted a funny tweet about Peter getting hacked and asking for gold instead of Bitcoin: The hackers got Peter. (Someone with a bluecheck mark asked me to post 😉 pic.twitter.com/r1IdAH4aNU— Adam Back (@adam3us) July 15, 2020“Twitter isn’t really yours”Bitcoin developer Jimmy Song took the opportunity to educate people that nothing centralized is really owned by the individual likening this situation back to fiat currency economies:“You know how someone is messing with Twitter with root level access right now? The same thing happens to the dollar every day. Your dollars aren't really yours in the same way your Twitter isn't really yours.”
Hidden Messages Found in Transactions to Twitter Hack Bitcoin Address
by Turner Wright on July 16, 2020 at 2:17 am
A user has hidden message in transactions to the Bitcoin wallet associated with the Twitter hack. Some of the largest and most influential Twitter accounts in the world were hacked earlier today to promote fake Bitcoin giveaways. But eagle eyed Reddit users have spotted a series of hidden messages in transactions sent to the Bitcoin wallet at the centre of the scam. Prominent accounts targeted in the Twitter attack included Joe Biden, Elon Musk, George Wallace, Bill Gates, Kanye West, Kim Kardashian, Wiz Khalifa, Warren Buffett, Mike Bloomberg, Barack Obama, and Jeff Bezos. The accounts were hacked with a message promising that if users sent BTC a particular address they’d get a 2:1 return. According to blockchain data, a user sent 0.00005348 Bitcoin (BTC) — roughly half a dollar in seven different transactions to the BTC wallet associated with the Twitter hack. The yet to be identified sender spent 0.00121639 BTC in transaction fees — $11.19 — to send the following message: Just Read AllTransaction Outputs As TextYou Take Risk When Use BitcoinFor Your Twitter GameBitcoin is TraceableWhy Not MoneroAs of this writing, scammers have conned Twitter users out of 12.86 BTC, or roughly $118,000. It’s unclear whether the message was targeting those responsible for the hack, or for those who fell for the Bitcoin giveaway scam by sending crypto.Why not Monero?Monero (XMR) is well known in the crypto community as a coin with more privacy features than Bitcoin, and is considered by many as the token of choice for scammers and dark web activities. Reddit user ethereumflow said the message was strategic, in that it reached people who use BTC to get them to research some of the differences with XMR: “I doubt anyone that has Monero would fall for this scam but a lot of gullible people have BTC, no disrespect. I’m sure the intention was always to eventually swap for Monero. Questions will be directed at whichever exchange this happens with I’m sure. Is this good press for Monero? I don’t know. But it does advertise the high level of privacy and security.”As of this writing, the price of Monero is $71.04, up 4.66% in the last 24 hours, while BTC remains in the $9,200s.
Tim Draper: Tokenize Masterpieces to Disrupt the Art Auction Duopoly
by Samuel Haig on July 16, 2020 at 12:37 am
Venture capitalist and Bitcoin investor Tim Draper believes that blockchain technology is driving much-needed disruption in the art industry. Famed Silicon Valley and crypto investor Tim Draper believes that distributed ledger technology is transforming the art industry.Speaking to Cointelegraph, Draper emphasized the benefits that many of the core utilities of DLT offer to the art sector, such as immutability, transparency, and traceability:“People are going to be able to tokenize their art, and that will make buyers of art more secure in their purchase decision, and make artists happier about knowing where their art is and who owns it.”Fractional ownership disrupts art industryDraper also noted the emergence of “a cottage industry growing for people to own shares in masterpieces and have it stored or ‘rented’ by people who want to put it on display but can’t afford to buy it outright.”The investor predicts that DLT will drive a revolution in how art is bought and sold, emphasizing the potential for greater decentralization to upend the long standing hierarchy in the art industry.“I suspect that Sotheby’s and Christie’s have had their duopoly long enough, and now there is an opportunity for an upstart to break into the art world with a new approach around the blockchain,” he said.“Blockchain will make art trading more flexible and more secure.”Charity art auction for COVID019On June 25, Draper delivered a keynote address for Art&Co, the world’s largest online auction in support of COVID-19, on the subject of the intersection between art and DLT.“It’s a partnership made in heaven,” said Draper. “Artwork needs a trail of its provenance and blockchain is inherently an immutable record-keeping system.”More than 240 artworks were auctioned through Art&Co, with the funds shared between seven registered charities and 42 artists. The auction took in $2.07 million, with the individual artworks selling from $1,250 to $45,000.The works comprised a curated collection addressing themes pertinent to the COVID-19 outbreak, including depression, health, and community.