Bettors Using ShapeShift Warned Of New Attacks

Jan 21, 2016
Social Media Bitcoin Attacks

Social Media Bitcoin Attacks

Although platforms based on the Bitcoin gambling industry continue to undergo security updates and upgrades, a handful of cybercriminals are still consistent in wreaking havoc and compromising the overall safeguard of the niche.

Other than keeping a keen eye out for the infamous DDoS attacks launched by the vindictive Bitcoin extortionists DD4BC, Bitcoin gamblers must be extremely cautious about the newest form of Bitcoin attack that is circulating in social media.

Having the same modes of operation with traditional Bitcoin scammers, these social media Bitcoin attacks are conducted by fraudsters who camouflage themselves as known Bitcoin companies like ShapeShift.io to victimize unsuspecting users.

The only difference is that this new breed of Bitcoin extortion takes the reliability and dependability users give to social media sites like Facebook and Twitter to their advantage.

Shapeshift.io warns users of platform impostors

The renowned Bitcoin and altcoin exchange platform Shapeshift.io recently posted a personal blog that also serves as a warning for its patrons regarding the existence of these social media attacks.

Shapeshift apparently became a victim of these attacks and was used as a medium to trick cryptocurrency users.

ShapeShift Attack on Twitter

According to Shapeshift’s blog post, the impostors terrorize their victims in a subtle fashion and that extortions are usually conducted on Twitter and on fake online exchanges.

Bitcoin attackers would send out direct messages on Twitter and ask people to answer surveys in exchange for receiving Bitcoin rewards.

These surveys would unconventionally request victims to send a certain amount of Bitcoin in order to finish the process. With a promise of Bitcoin incentives once the survey is completed, users would normally oblige to send bitcoins but would receive nothing.

Also on Twitter, other assailants would send out messages to victims, requesting them to convert a certain amount on Bitcoin through the Shapeshift link, which redirects to a clone site cleverly named ‘ShapeShit.io’.

Given that Shapeshift is known as a reputable and reliable exchange platform, users of Bitcoin and altcoins are likely to be swayed into following the instructions carefully crafted by the cybercriminals.

Simple solutions yield overwhelming fulfillment

It cannot be denied that this new breed of Bitcoin attack certainly deals a detrimental impact on the overall credibility of the Bitcoin ecosystem, including the Bitcoin gambling industry.

After all, various Bitcoin casinos and gambling platforms are linked to the services of Shapeshift in order for the casinos to accept altcoins for banking purposes and enable players to wager on games like Bitcoin slots, poker, and others.

Shapeshift.io

Other casinos that only accept Bitcoin—BitCasino.io, for instance—also benefit from Shapeshift’s functionality for allowing users to instantly and conveniently convert their digital currencies to and from Bitcoin. This emphasizes the need for the Bitcoin gambling community to be vigilant against such forms of attacks.

According to the exchange, detecting and avoiding these social media criminals is just simple. Shapeshift made clear that it would never request any form of cryptocurrency transactions via social media sites.

Moreover, it emphasized that they only have Facebook, Twitter, and Google+ as their media channels. Other social media websites like Instagram are not in any way affiliated to them.

In regard to fake websites, Shapeshift.io suggests that regardless of how identical these websites are to the original, the giveaway for fakes is their domain address. Thus, reviewing the URL is a vital process in detecting scam websites.

As for Shapeshift, it is imperative that the company should double its efforts to inform their users of the current Bitcoin threats, as well as to ensure security across all platforms, including the ShapeShift iOS app.