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Why Bitcoin Users will continue to Loose Funds on a Daily Basis - Experts Warn

Why Bitcoin Users will continue to Loose Funds
Fraudsters will continue to salvage and siphon Bitcoin users of their hard-earned coins on a daily basis, experts warned.


According to them, users who seek to maximize and multiply their accounts get caught in the web of these fraudsters.

Recall that last month, about $100,000 worth of Bitcoin was lost to these bad guys using prominent hacked accounts in the likes of Bill gate, Barack Obama, Jeff Bezos, and several others on Twitter according to one media report.

Experts, however, warned that more could be lost in the coming future in as much as people keep giving and obliging their request by opting in for Bitcoin duplication.
This is what you get when you try to duplicate your wallet from an untrusted source, you end up getting hurt and losing funds. One said.

Tweets from Joe Biden and Barack Obama's accounts

A cybersecurity reporter Joe Tidy in his analysis on BBC News blamed Twitter for the flop in security, adding that Twitter users should hold them accountable for any incurred losses.

"These "double your Bitcoin" scams have been a persistent pest on Twitter for years but this is unprecedented with the actual accounts of public figures hijacked and on a large scale.

The fact that so many different users have been compromised at the same time implies that this is a problem with Twitter's platform itself," Tidy noted.

Meanwhile, an expert has suggested a means through which lost bitcoin may be recovered. According to him, one Deer Group Tech Recovery helped him recover his from scammers.
It also suggested that this bitcoin scam is not only affected by twitter users, but by other platforms whose users predominantly fall prey. On one hand, top social media platforms used for these nefarious activities have bigger roles to play such as stepping up their security systems.

On the other hand, users of these social media platforms should contribute their quota by not participating in an unknown monetary activity promising a mouth-watering reward in return no matter who's running the promo.

In line with this, Twitter's Chief Executive Jack Dorsey said in a tweet, "While this appears to be an attack on the company rather than individual users, we would urge people to treat requests for money or sensitive information on social media with extreme caution," (BBC News).

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