‘Twitter Hack’ and ‘Bitcoin Scam’ Helped cryptocurrency?

On the 15th July we saw multiple official twitter accounts of major celebrities such as Bill Gates, Elon Musk and Jeff Bezos get hacked into, seen as one of the most profound breaches of the platform in history. The hackers aim was the promotion of a bitcoin scam which acquired reportedly around $120,000. The scam aimed at telling the celebrities’ considerable audience how they were wanting to give back to the community, promising they would double the amount each person sent to their Bitcoin account. A classic example of a ‘too good to be true’ moment which unfortunately 400 accounts came victim to.

 

Many were quick to comment on the Twitter breach as a negative for cryptocurrency. Some commented for Bitcoin to be made illegal saying this would never have happened if Bitcoin did not exist. However, this is not realistic, with people quickly highlighting how Bitcoin was not the causation of the scam but more the victim. 

Conversely others saw the effects of this ‘Bitcoin scam’ as positive, displaying the forensic transparency of the network. With over 400 bitcoin accounts falling for the scam, within hours the movements of these transactions were very trackable, and nothing could be hidden despite the attempts to do so from the hacker. Whereas arguably obscuring transactions with traditional currencies and banks is far easier due to the ability to fake addresses and locations of currency, which is less of a possibility in cryptocurrency.

Overall, the ‘bitcoin scam’ in mainstream lights did not seem to budge the price of Bitcoin considerably. On the day there was a 1.3% decline with the BTC price having a 24-hour high of $9253 and a 24-hour low of $9048. Therefore, this situation is more seen as a problem for Twitter security than for Bitcoin with it showcasing the many strengths cryptocurrency has over traditional currency in today’s day and age.

 

Featured Image: Photo Mix

Image: Twitter

*Disclaimer: Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available cryptocurrency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.

Sources

www.bbc.co.uk/news/technology-53425822

www.coindesk.com/first-mover-boring-bitcoin-shrugs-off-twitter-hack-as-stablecoins-co-opt-satoshis-dream

https://cointelegraph.com/news/crypto-twitter-hack-recap-a-wake-up-call-for-centralized-platforms

www.coindesk.com/twitter-hack-good-for-bitcoin

www.theverge.com/2020/7/15/21326200/elon-musk-bill-gates-twitter-hack-bitcoin-scam-compromised