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Twitter Falls Victim to a Bitcoin Scam

On Behalf of | Aug 6, 2020 | White Collar Crimes

Bitcoin continues to marvel those interested in dynamic investing. The “virtual currency” sometimes rises in value, which attracts people to purchase the units. Unfortunately, the relatively new nature Bitcoin and other cryptocurrencies can lead Oklahoma buyers into scams. Recently, one criminal case surrounding cryptocurrency made headlines.

The case that made headlines involved a 17-year-old “mastermind” who allegedly took over the Twitter accounts of several high-profile individuals. The supposed intended purpose involves convincing people to send the suspect Bitcoin. At least that is what authorities allege. All suspects are considered innocent until proven guilty no matter the suggested crime.

The fact that an “average” young person could compromise Twitter sent shockwaves through the public. Questions arise about how the social media giant’s security systems failed. Even more shocking were the targets. Barack Obama, Elon Musk, and Bill Gates were among those whose Twitter profiles suffered security breaches. Many do wonder why Twitter didn’t have additional security measures in place. Reportedly, a simple “phone spear phishing attack” duped enough Twitter employees for the events to play out.

The sheer volume of felony charges in the case may prove shocking. The suspect faces 30 felony charges. The range of charges include communications fraud, organized fraud, and 28 other charges.

Two others face charges in connection with the incident. Authorities point out the endeavor pulled in roughly $100,000 worth of Bitcoin before being shut down.

Regardless, stealing credentials from Twitter creates legal jeopardies. Attempts to scam people with Bitcoin add another layer of criminal troubles to the mix.

Even young people can face charges for white collar crime. Regardless of age or the specific type of criminal offense, hiring an attorney might prove advisable. The publicized Twitter incident and subsequent alleged attempt at a Bitcoin scam led to criminal charges. Time will reveal how things play out.


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