The Twitter account of the National Cricket Team of South Africa was compromised overnight with more than 1 million followers where hackers reportedly offered a fake bitcoin lottery and in today’s bitcoin news we take a closer look at what happened exactly.
The CSA account was hacked and the hacker/s tweeted multiple times trying to sell a bitcoin lottery scam to the followers. However, the national team quickly noticed and notified the supporters that they are not involved in the scheme in any way.
The tweet claimed that CSA made a partnership with the Luno crypto wallet where users will win 20 BTC if they signed up for it. Of course, the tweet got deleted quickly but in it was a BTC address where the participants ‘’should’ve’’ sent their bitcoins in order to participate.
CSA wrote to its followers:
‘’And… we’re back!
Apologies to all our Twitter followers who were affected by the hack overnight. We are back in control & ready to bring you what promises to be an even more eventful Day 4 of Test cricket.
Thank you to our friends at the @ICC for your assistance this morning.’’
Luno also debunked the news making clear that the wallet provider has never partnered with the national team:
“We distance ourselves from this tweet that is going around.’’
In 2018, many Twitter accounts got hacked where many of them impersonated Elon Musk even one managed to steal as much as $170,000.
Scams happened in the name of Charlie Lee as well where scammers tried to fake Litecoin giveaways. The hackers promised the users to send them LTC once they make a deposit to their mobile wallet.
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South Korea Ends $18 Million Crypto Ponzi Scheme With The Help Artificial Intelligence (AI)
“Through keywords such as Ponzi, loan and recruiting members, we were able to teach the AI patterns of Ponzi schemes. The program can also identify advertisement patterns and identified the enterprise in question, which [was caught] with evidence provided by an unnamed informant.”The CEOs of the scheme, known as Lee and Bae, amassed a lot of money through selling private digital tokens named M-Coin which posed to be a real altcoin, along with membership fees from recruits, as the publication states. The figures also took advantage of the public's lack of knowledge of the crypto space to part them from their fiat investments.
“In our stakeout, we saw that most people attending the swindler’s presentation for membership were elderly people in their 60s and 70s,” Hong Nam-ki added.Currently, Ponzi schemes still remain a persistent phenomenon despite the increasing legitimacy of cryptocurrency in the public eye. This is obviously not the first (or the last) crypto ponzi scheme that exists out there - and will hopefully not be the last to be spotted with the help of artificial intelligence (AI). Earlier this year, authorities caught up with the controllers of OneCoin which is a notorious international quasi-pyramid scheme which ran for several years.
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"The data is clear that, today, the most likely consumer loss scenario for any cryptocurrency company is hot wallet loss due to hacking."Martin also touched on the possible scenarios and how Coinbase's insurance policies give customers peace of mind that the Bitcoin or altcoin savings they hold at the exchange is protected from losses.
“If the worst happens and Coinbase loses customer funds, customers deserve certainty that they will be made whole,” he wrote.According to experts, the worst case scenarios for losses in this manner break down to two categories: crime and specie. While crime covers losses caused by criminals who hack, steal and conduct fraud transfers, insider trading losses are also covered. On the other hand, the Specie coverage kicks in whenever there is a physical damage or theft or private key data in cold storage. As Martin explained:
“Crime policies would not generally cover the costs of incident response, PR costs, etc. Crime policies also don’t generally cover failures of the underlying currency (e.g. 51% attacks). Coverage for hot wallet exposures are also significantly more expensive than cover for cold storage alone.”He also had plenty to say about why is insurance important for crypto companies and what it should cover.
"Companies should focus on insurance for value in flight. This means that exchanges and wallets should have sufficient Crime coverage to fully cover their hot wallets (including enough buffer to handle asset price spikes)," Martin added.He concluded with a statement in which he said that Coinbase is working with regulators and insurers to create more insurance solutions in different areas.
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