Although cryptocurrency is considered amidst the list of economic wonders brought on the surface up by the modern technology age, the name of digital money has been repeatedly stained with the woe of befooled investors who lost their fortune into too-good-to-be-true internet scams.
Today no one seems to be surprised with the ads flooded one’s favorite shopping website or cooking forum, despite some of the popular social networks including Facebook and Twitter prefer to steer clear from any sort of crypto-promotion.
However, crypto-scammers are iteratively developing ways to make billions of Twitter and Facebook users get hooked on a false bitcoin giveaway, a topnotch type of crypto-crimes.
As a part of their shady act, scammers usually copy a Twitter account of some prominent figure who reaps sheer public support and have millions of followers, then publish some piece of fake news regarding bitcoin or any other digital coin.
Usually it requires followers to transfer an amount of cryptos to get back a double coosh. Yet all of these end the same way: scammers disappear with collected funds, while an authorised profile updates unlucky participants with their misfortune.
However, the dexterity of bitcoin scammers has leveled up as today they do not copy a popular account anymore, instead ciber-criminals hack selected profile and post fake news on the behalf of account’s owner.
Official Twitter Account of Target Compromised
The other day, Twitter profile of American retail giant Target was engaged in such kind of mess. Reportedly for a couple of hours, scammers gained unverified access to Target’s Twitter account that was further used to promote a fake bitcoin gateway.
The false message written in poor English posted that Target was introducing cryptocurrency payments online and instore and to celebrate the event the company would give away 5,000 bitcoin.
In order to enlist in the crypto-raffle, participants were asked to verify their BTC address by sending up to 2 BTC in order to enter a raffle to win up to 40 BTC in return. The post also mentioned that participants who sent 1.00 BTC would get an additional 200% back.
According to Twitter representatives, Target restored complete access to its profile as soon as the hack was detected. The company rapidly deleted the unwanted tweet and later it has issued an official statement saying:
“Early this morning, our Twitter account was inappropriately accessed. The access lasted for approx. half an hour & one fake tweet was posted during that time about a bitcoin scam. We have regained control of the account, are in close contact with Twitter & are investigating now.”
Google is Next
Notably that Target is not the only victim of cyber-criminals as it became known that internet behemoth was compromised with very common bitcoin scam as well.
An official Twitter account of Google endorsed 800,000 followers with the same announcement of a fake bitcoin gateway.
Lately Twitter spokesman has acknowledged that undisclosed number of verified Twitter handles fell victims to malicious tactics. The company also noted that it revealed a bunch of cryptocurrency-related breaches that allegedly are responsible for infamous hijacking.
At the moment, Twitter is working closely with the companies suffered from unauthorized invasion in order to prevent this from happening in the future.
As cryptocurrency is steadily taking over the online forex trading industry, more and more specifically tailored solutions are being developed. The latest example is an institutional-grade venue built on the widely used Integral FX platform, Mint Exchange.
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Mint Exchange officially launched publicly today, Nov. 14, as a cryptocurrency clearinghouse providing access to major exchanges, brokers and market makers through a single gateway. It is meant to offer better liquidity for institutions to trade across cryptocurrency markets, while keeping their capital in the secure environment they are used to. The exchange maintains development, support, and sales offices in Palo Alto, California, London, and New York.
The company behind the new clearinghouse says that many of the top global FX brokers are already trading cryptocurrencies on Mint Exchange. “We’re addressing an enormous unmet need in the growing cryptocurrency market,” comments Harpal Sandhu, Chairman of Mint Exchange and CEO of Integral. “FX brokers, asset managers, and institutions have largely remained on the sidelines of the cryptocurrency market waiting for a trusted partner to deliver a robust, professional-grade exchange. They expect to manage their crypto trading in one secure location. That’s what Mint Exchange offers.”
Exchange Built on the Integral FX Platform
Founded in 1993, Integral is a cloud-based workflow management and trading technology provider for banks, brokers, and asset managers operating in the foreign exchange market. Its services are reportedly used by more than 200 financial institutions, including Bank of America, Citi, UBS, Wells Fargo and more. “Integral processes over $40 billion/day in fiat currency trading, so we’re confident that it can handle our cryptocurrency volumes,” Masato Kikuchi, Managing Director of Mint Exchange, explained why they licensed the platform.
“As more institutional players enter the crypto-asset market, liquidity providers need sophisticated technology and risk management tools to service their needs. Mint Exchange was the first to deliver a complete solution that also includes robust security and custody,” commented Todd Morakis, Co-Founder of JST Systems in Singapore, one of the launch partners of the new venue.
Why is cryptocurrency support now a must-have for everyone in the online FX trading industry? Share your thoughts in the comments section below.
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