Intro
Biggest hack of all time of social media rocked the Twitter yesterday when all prominent celebrities and brands with blue tick account got hacked. Hackers started posting Bitcoin Scam tweets through there accounts and amassed around 12 bitcoins which is near about USD 120k.
Blockchain security and Analysis firm Chainalysis tracked the scammers bitcoin address movement.
Chainalysis Analysis
Twitter was clueless for hours and they locked out all blue tic accounts and started to find out the cause. Ironically twitter support too got hacked and tweeted the same scam message though after some time twitter deleted that message. Twitter find out that an employee system was compromised using social engineering tactics.
Twitter Statement on Twitter hack
Twitter CEO Jack Dorsey termed the incident unfortunate and shared that they are working hard and investigating the hack.
The good thing about this scam is that it have lots of publicity to Bitcoin , the negative thing is that it came through scam , nevertheless many people will now talk about Bitcoin and want to know more about it.
Crypto twitter was busy putting up memes and tweets and #bitcoin , #twitterhack and #hacked was trending.
Benefits of Twitter hack to Bitcoin and Cryptoverse
Bitcoin got huge publicity and this news was trending in Twitter and mainstream media. More and more people will now know about bitcoin. This may put a bullish move and many new people may want to know more about bitcoin and may want to buy it.
Twitter hack also show vulnerabilities in Centralised social media system and Decentralised Blockchain based solutions will get huge boost after this incident.
Drawbacks of Twitter hack to Bitcoin and Cryptoverse
Bitcoin is always seem as threat and scammers heaven and this scam by hacking twitter may put more dent on it's reputation.
Governments may want to regulate it tightly or may want to ban it together but ban is not possible as it's uncensorable. Mainstream users may fear to get into bitcoin and crypto.
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Conclusion
We are going through extereme rough times of Covid 19 and economy in bad shape, crypto is showing how can it can become the future economy but can bring it's own problem. The Bitcoin scam is one of them, but with spreading awareness and how to use crypto safely this can be easily preventable and crypto economy can come handy in this tough times and be boosted.
What do you think what effect this hack will have on Bitcoin price and general crypto sentiments , write in comments.