It seems as if Twitter account hacks are becoming more common as of late. After Vertcoin, Substratum has now had its account hacked a swell. The purpose was the exact same, as the criminals tried to stir up some hype that isn’t even there. A fake announcement regarding the altcoin getting listed on Coinbase caused a brief price spike.

The Substratum community received a nasty surprise yesterday evening. Someone took control of the project’s Twitter account for some unknown reason. In doing so, they effectively tricked users into believing the coin will be added to Coinbase. That is not the case, even though the exchange will add more currencies soon. Although it is possible Substratum will be added, the chances are slim to none right now.

Don’t buy the Substratum Rumors

This fake announcement caused the SUB price to spike quite hard. It gained 15% pretty quickly but retraced shortly after. This is not uncommon when hype and FOMO take over from common sense. Coinbase has no plan to list SUB or any other token right now prior to effectively announcing the proper list. Moreover, announcements like these will not happen by currency teams. Instead, Coinbase will make this information public well before anyone else.

It is not the first time a cryptocurrency-related Twitter account is hijacked. The same occurred to the Vertcoin account earlier this week. Although it has nothing to do with fake exchange listings, the hack is still problematic. Compromised Twitter accounts are a very nasty business, especially in the cryptocurrency world. With so many newcomers looking into these coins, they are easily tricked into believing these fake messages.

This further confirms the scam attempts involving cryptocurrency will not end anytime soon. Despite Substratum regaining control of the account, impersonation handles began showing up pretty quickly. It is evident novice users will need to be very wary of how things evolve in this regard. Twitter is not the secure platform most people think it is. Especially if users do not properly protect their accounts in this day and age.

Header image courtesy of Shutterstock

Tags: , ,

Leave a Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.