Fake Twitter Celebs Made $5k Worth ETH For One Night

Scammers used fake Elon Musk, Vitalik Buterin and other celebs fake Twitter accounts to steal user's Ethers
08 February 2018   4210

Scammers managed to steal more than $ 5,000 in Ethereum in just one night, using the credulity of some crypto currency users. This is reported by Bleeping Computer.

To realize their criminal intent, they created many profiles on Twitter, allegedly belonging to famous personalities, and clogged the network with messages about the distribution of cryptocoins. To participate in the distribution to the address indicated by the scammers, it was suggested to send a small amount to the wallet to get it back tenfold.

All messages were based on one template, although the amounts and addresses of wallets in them could vary: "We distribute 200 Ethereum to ETH-community. The first 50 who sent 0.2 ETH to the address below will receive 2.0 ETH to the addresses from which the transactions were sent. "

Analysts managed to detect the following fraudulent accounts on Twitter:

  • Elon Mask: @eonmusk, @elonnmuusk, @eIonmsuk
  • John McAfee: @officialnmcafee, @officialnmcafee
  • Vitalik Buterin: @VitallikButern, @VitallikButern
  • Warren Buffett: @WarrenBuffert
  • Coinbase: @coindase
  • CoinMarketCap: @ coinmarketcap3
  • OmiseGo: @Omiise_Go
  • Nano: @nanocurrency

Also, at least 8 Ethereum-addresses were found, which scammers used to collect money. Probably, this is not all scammers' addresses, which means that the amount of stolen assets may be higher. 

Fake Elon Mask Twitter
Fake Elon Mask Twitter

A total of 7.69 ETH were transferred to the above addresses, and 6.2 ETH of them were transferred overnight. The more of the money were collected by fake John McAfee, Vitalik Buterin and Elon Mask.

We Need 100k Transactions\Sec, - Buterin

During the conversation with the head of Abra Vitalik noted that the developers are focused on several main issues - scalability, privacy and ease of use
21 March 2019   122

The founder of Ethereum, Vitaly Buterin, expressed the opinion that for the network of the second most capitalized cryptocurrency, it is vital in the long run to achieve a throughput of 100 thousand transactions per second. It is reported by The Daily Hodl.

During the conversation with the head of Abra, Bill Barkhidt, Vitalik noted that the developers are focused on several main issues - scalability, privacy and ease of use.

As far as the big problems, my top three at this point are probably scalability, privacy and usability. So scalability – the Ethereum blockchain right now can process 15 transactions per second. Really, we need 100,000.
 

Vitalik Buterin

Creator, Ethereum 

According to him, in the context of solving the problem of scaling, the Ethereum team has high hopes for sharding.

There are two major kinds of strategies that we’re working on for scalability. One is layer-one scaling and the other is layer-two scaling. Layer-one scaling basically means improving the blockchain protocol itself to process a larger set of transactions. And the main bottleneck with blockchains right now is basically every user has to download the whole blockchain. Which basically means the blockchain can’t hold more transactions than one guy’s computer can store.

And our solution to this, called sharding, basically means that you split up the different transactions to randomly selected, different groups of computers. And this basically means that the blockchain can process way more things than one single computer can hold. And that can increase scalability by maybe a factor of 1,000 or so, but then potentially even more, much later down the road
 

Vitalik Buterin

Creator, Ethereum 

According to Vitalik, Ethereum developers also continue active work on second-level scaling solutions.

So there’s two major classes of systems we’re working on in this regard. One is called state channels. And there’s a bunch of teams working on this. There’s a team called L4 in Toronto that’s done some really good work. And another project is Plasma. And there’s a lot of work that’s been done on that. OmiseGo is this decentralized exchange that’s building on plasma. There’s TheMatter. There’s more and more of these projects. And then, there’s one of our researchers, Karl Floersch, who has been working on implementation of a reasonably complete Plasma prime specification, which is the latest version of Plasma – which has some really cool features in terms of increasing scalability and reducing the amount of data you have to store.
 

Vitalik Buterin

Creator, Ethereum 

Discussing the problem of scaling, Buterin mentioned Bitcoin. According to him, developers should achieve a significant increase bandwidth of Ethereum network. Otherwise, the second cryptocurrency capitalization will not be actively involved in everyday transactions and a significant market share will remain behind BTC.

If Bitcoin wishes to just be a store of value, then realistically it’s probably fine, though I think they should switch to proof-of-stake. If they want to actually be a currency that people use for transactions, then I do think base-layer scaling, and also speeding up the blockchain and reducing block times at the base layer, is also something which is very important.
 

Vitalik Buterin

Creator, Ethereum 

On the last day of winter hardfork Constantinople hardfork took place on the Ethereum network.