What you need to know about the Twitter Hack

16 Jul, 2020
What you need to know about the Twitter Hack

Unless you’ve been hiding under a log for the past 24 hours, you’re probably well aware of the Twitter hack involving a cryptocurrency scam that has made international news. On July 15, hackers broke the Twitter accounts of high-profile users including Bill Gates, former U.S. President Barack Obama, Elon Musk, Kanye West, and more, and posted a tweet about a free Bitcoin giveaway.

Twitter says the Tweet — “We have partnered with CryptoForHealth and are giving 5,000 BTC to the community,” was the result of hackers who “targeted some of our employees with access to internal systems and tools.

“We know they used this access to take control of many highly-visible (including verified) accounts and Tweet on their behalf,” Twitter said. “We’re looking into what other malicious activity they may have conducted or information they may have accessed and will share more here as we have it.”

The Twitter hack has once again raised the issues of safety and security in the digital world. And not just in terms of protecting your assets, whether fiat or digital. But your personal information as well.

At STEX, we’ve been monitoring this situation very carefully on your behalf. As you know, we have taken every step to ensure the safety and security of your information and accounts from the minute you opened your wallet. Here’s a rundown of the security features of your STEX account:

1 — Two-step authentication — Your accounts can only be accessed with a security key and two-step authentication (which Twitter accounts do not feature). This is your first line of defense against any potential hacks.

2 — Enhanced Security Against Unsuccessful Log-In Attempts — Should there be several erroneous attempts to log-in into your account, STEX will immediately email you to verify your identity on each attempt. If you feel the account is in danger, you can immediately freeze it from this email.

3 — Email encryption with PGP (Pretty Good Privacy) — Any transactions that you order on STEX are protected by PGP cryptographic authentication for privacy and security.

4 — Compliance with EU and FinCEN Regulations — STEX is an EU regulated cryptocurrency exchange and follows the strident rules set for crypto service providers that are designed to protect digital coin holders. We report any suspicious activity to the EU Financial Intelligence Units. We’re also an MSB Registrant with FinCEN, a bureau of the U.S. Department of Treasury that watchdog agency that works to keep the country’s financial systems safe from crime.

While Twitter continues to unravel this week’s hack, we’ll remain on high alert on your behalf, as we do every day. So go ahead, and trade away. But remember, anything that looks too good to be true — including a free Bitcoin giveaway — probably is. And your good judgment is the first and best defense against any scam involving your digital assets.

Joyce Pavia Hanson
Contributor

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