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German man loses 400k GBP about $500k in Twitter Bitcoin scam

bbc.com

51–60 of 120 posts

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#51
post #17

> the website promised participants that they could double their money. I fell for that, once, when I was 8, with virtual money, playing an online game. How can an adult be this gullible...

To think how many scams have been prevented because the target played Runescape or WoW

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#52
post #3

> There was a timer counting down, and the website promised participants that they could double their money. It is amazing how people fall for these scams. They seem to forget the time tested truth which is "if it sounds too good to be true then it ain't".

Avg person today is frankly stupid about many areas of modern life. Our education systems no longer equip people to handle the modern world.

Scams have been going longer then you have been alive. It's not a modern failure of education.

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#53
post #5

> Sebastian double-checked the verification logo next to Elon Musk's name, and then tried to decide whether to send five or 10 Bitcoin. This is a vulnerability in Twitter's verification policy that Twitter refuses to fix. Originally, verification was supposed to mean "this person is who they say they are". But once an account is verified, you can change the name/profile picture to someone else. So hackers get access…

The image in the article shows that the scammer has the twitter name @JoshyMcb so Sebastian didn't check too much

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#54
post #20

> 10 Bitcoin were transferred and then cashed out anonymously a few days later. Genuinely interested how the coins were cashed out anonymously. Pretty much all exchanges require KYC these days, and Bitcoin addresses can be tracked and blacklisted if the right processes are put in place, in theory at least.

That probably just means it was moved to another BTC address.

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#55
post #5

> Sebastian double-checked the verification logo next to Elon Musk's name, and then tried to decide whether to send five or 10 Bitcoin. This is a vulnerability in Twitter's verification policy that Twitter refuses to fix. Originally, verification was supposed to mean "this person is who they say they are". But once an account is verified, you can change the name/profile picture to someone else. So hackers get access…

I agree with your policy recommendation, but I still think people who don't pay enough attention to the possibility "E l o n M u s k" a.k.a "JoshyMcB" might not be the real deal when it's their life savings rather than a retweet on the line have to take the lion's share of the blame.

And tbh people shouldn't be trusting even the verified real account on something like this, given it's been hacked to push this exact scam before, and even under the control of actual Elon it tweets about imaginary investors taking TSLA to $420 and other stuff he thinks is funny at the time.

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#56

> The 42-year-old says he first invested $40,000 in Bitcoin in 2017, and quickly made his money back as the value of the coins rose on the open market. He cashed out and got his initial money back, but then watched excitedly over the years as the 10 coins grew to be worth nearly 500,000 euros. Fortunately this sounds like he didn't lose anything, just never realised extra gains. I know it's slightly nitpicking, but l…

"Fortunately this sounds like he didn't lose anything, just never realised extra gains."

Sounds like if someones house caught fire the owner did not loose anything because he did not sell it?

That were His bitcoins he was the owner of the bicoins and he was scammed.

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#57
post #19

I never understand, why people who already have money, want to have more. Personally, I keep my money at the bank, for days when I will have to spend it (Buying things, going on holidays, etc)

The bank is gambling it for you, some people prefer gambling it themselves

The bank is gambling it for you, in the same sense taking a road trip is a life gamble.

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#58
post #26

How can someone be smart enough to earn that kind of money, but stupid enough to fall for this hilariously obvious scam?

That is all I could think when reading the article yesterday.

I can understand some people such as older and less tech savvy people getting caught up in scams but an otherwise intelligent early 40s person working in the IT industry?! I just don't understand how he fell for it. I guess the only answer is greed overrode his better judgement.

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#59

I never understand, why people who already have money, want to have more. Personally, I keep my money at the bank, for days when I will have to spend it (Buying things, going on holidays, etc)

So your wealth is constantly shrinking due to inflation?

That is what a bitcoin scammer would say.

Re: German man loses 400k GBP about $500k in Twitter Bitcoin scam

#60
post #10

This is a terrible scam, but I am astonished by the frivolity with which people would move life-changing amounts of money into something with absolutely no due diligence. When I took on a financial advisor I verified their identity with the govt regulator, verified their written bank details over the phone, and then verified those details with my bank before I even considered sending a single penny. Even then I sent…

> with absolutely no due diligence

But due diligence was done here - the blue check mark was checked. The user checked other people were seeing success with this. The user probably double and triple checked the bitcoin address he was sending to. He probably looked for the padlock symbol on the site he was getting the details of the scam from. He might have checked his computer for viruses and been using a hardware wallet with a really long password.

He just checked all the wrong things.

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