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HACK!! Twitter Accounts Promote Bitcoin Scam | Bitcoin News Summary July 20, 2020

A major breach of Twitter’s security, apparently by an employee, led to accounts owned by celebrities, corporations and leaders tweeting out scam “double your bitcoins” messages. Twitter accounts belonging to Apple, Uber, Bill Gates, Jeff Bezos, and many more, offered to double any bitcoin sent to them. While this is bad news for people who got scammed, it has led to a record number of Twitter conversations about crypto.

Mitsubishi Financial Group, Japan’s biggest financial corporation, intends to launch a stablecoin known as MUFG before year-end. The token will be pegged at parity to the Japanese Yen. Existing mobile payment networks will apparently support the bank’s stablecoin.

Stellar’s blockchain has officially become a part of the Samsung Blockchain Keystore. This will reportedly allow users of Samsung Galaxy smartphones to store their Stellar wallet private keys directly on their phones. Support for Stellar now extends the list of supported blockchains, which includes Bitcoin, Ethereum, Klaytn and TRON.

Two insiders of the $4 billion crypto scam, OneCoin, whose leader is still at large, were discovered killed in Mexico. Oscar and Ignacio Ibarra were kidnapped and then murdered, suggesting that they scammed some dangerous criminals.

Blockstream CSO, Samson Mow, sent some bitcoin to Canadian astronaut Chris Hadfield during the Asia Blockchain Summit. The transaction was a way to showcase Blockstream’s satellite network of Bitcoin nodes, which were used to send coins to Hadfield. This was the first BTC transaction originating in space.

Before we conclude, this week’s “Bitcoin quick question” is what happens if I lose a hardware wallet?

Among the first steps when setting up a hardware wallet is to back up the seed phrase and the wallet’s password. A seed phrase, in case you don’t remember, consists of 12 or 24 words that represent your private keys – meaning the seed phrase is de facto your bitcoins. If you lose your hardware wallet for any reason, but you have backed up the seed phrase – you have nothing to worry about. You can simply log on to any other wallet, retrieve your seed and regain access to your bitcoins.

However, if you haven’t backed up your seed and ensured it is safe, you should definitely be worried about it – and create a backup as soon as possible.

If you want to learn more about how to backup your hardware wallet, visit the link in the description below.

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That’s what’s happened this week in Bitcoin. See you next week.


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