Social media has become an integral part of our lives, both for individuals and companies. It is a platform where we connect with people, share our lives, and build our online presence. However, with the increasing popularity of social media platforms, the competition to secure the right username is getting fierce. Big brands are willing to pay exorbitant amounts of money to acquire the desired username on social media platforms like Instagram, Twitter, and Facebook. The demand for the right username has given birth to a new scheme – the “username economy.” This scheme involves “subversive marketers” stalking social media profiles to acquire potentially lucrative @identities and resell them at exorbitant mark-ups.

The username economy has proved its worth as some companies have offered upwards of $50k to acquire a desired username. However, where there is money involved, there are bound to be shady dealings. Hackers have now taken notice of this new market and have started stealing and selling social media handles. They will go to any length to acquire the usernames they desire, even if it means extorting or threatening the owner.

The risks associated with social media handles are becoming more apparent as more cases of extortion and hacking come to light. Josh Bryant, founder of the file-sharing service Droplr, was extorted by a hack-rascal who breached his Amazon Web Services account, threatening his entire business, all for his Twitter handle, @jb. This shows how a simple username can become a valuable commodity for businesses and individuals alike. The craziest part of this fledgling epidemic is not that it happens (cuz surprise: people suck), but how easy it is for hackers to pull it off.

Naoki Hiroshima documented how a hacker obtained the passwords of his GoDaddy and PayPal accounts using “very simple” Jedi mind tricks to manipulate the two companies into releasing Hiroshima’s personal information. The hacker then used this information to extort his Twitter handle. This highlights how easily companies’ customer service procedures can be exploited by hackers to acquire sensitive information.

While platforms like Twitter explicitly decry the sale of screen names, they have reportedly done very little to prevent it from happening. This has put individuals and businesses at risk of losing their valuable usernames, which have become an integral part of their online identity. It is essential to secure your social media handles and protect your intellectual property.

One way to ensure that you protect your intellectual property is to work with a reputable domain name broker like CyberSpace.Domains. Our team has extensive knowledge of the UK, USA, and Gibraltar, the three jurisdictions where we are based. We can provide you with accurate and reliable guidance on matters related to domain name disputes. Our brokerage services also come with the added benefit of 0% VAT, which can save you money in the long run. When you work with us, you can rest assured that we will handle any disputes that may arise in a professional and efficient manner, protecting your intellectual property. Contact us today to learn more about how we can help you secure your domain name and social media handles with confidence.