Twitter Blue Checkmark Fraud to Gain Momentum

The fraudster faked one account on Twitter for 6 cryptocurrency accounts within 3 days
19 April 2018   565

Fraud with "blue checkmark" on Twitter goes to a new level - a user who originally pretended to be the official representative of the Verge cryptocurrency, suddenly became the Bitfinex exchange, before attempting to disguise himself under several other accounts. This is reported by CoinDesk.

The verified account of the director of the freelance company Seif Elsbei in Twitter @seifsbei, which is signed by about 83 000 people, suddenly became the official account of the Verge developers. Cryptocurrency was in the spotlight this week, when it became known that it would be accepted by the Pornhub site as a form of payment.

At the same time, this Verge @vergecurrency account does not have a verification mark, which is probably what the hacker who became the owner of the @seifsbei account decided to use.

Twitter allows users to change the profile description, including the display name, without changing the profile name, without losing verification. Thus, @seifsbei became known as vergecurreǹcy and began to copy messages from the original profile.

Soon after, @seifsbei decided to try it out as Bitfinex and renamed its account in Ƀitfinex.

Fake Bitfinex Twitter Account
Fake Bitfinex Twitter Account

A search on Google showed that @seifsbei was betraying himself also for the Bittrex exchange under the name Ƀittrex before becoming Verge and Bitfinex.

Earlier, the account owner was disguised as Vitalik Buterin and posted under the original developer's posts, which in the user's name indicates that he does not distribute ETH, messages about the distribution of ETH.

Retweet messages from accounts @bitcoin and the project Tron suggest that @seifsbei gave himself away more and for them.

Until the last week, almost all @seifsbei messages were published in Arabic. Elsbay said on his Facebook page that his account was hacked.

By now, images from @seifsbei's profile have been deleted, and the account itself has been renamed "."

Fake account in the "stealth mode"
Fake account in the "stealth mode"

Scheme of deception of crypto-currency investors using Twitter was spread at the beginning of this year.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   94

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.


Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.