Bitcoin is not to blame for Twitter scam – opinion

Bitcoin is not to blame for Twitter scam – opinion

The Biggest Scam In Twitter History

Contents

Bitcoin is not to blame for Twitter scam – opinion
CONTENT

  • Twitter platform fell victim to massive hacker attack.

  • Hacked Celebrity Accounts Sent Millions of Tweets with Fraudulent Bitcoin Offers.

  • American congressman stood up for bitcoin, blaming centralized control problems for the incident.

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US congressman stood up for Bitcoin, whose reputation was shaken after a massive attack by scammers on Twitter.

As the editorial staff of BeInCrypto already said today, last night the most popular social platform Twitter was subjected to a coordinated hacker attack. It resulted in the hacking of dozens of official well-known accounts, from which various fraudulent offers related to bitcoin began to be sent to users..

Bitcoin is not to blame for Twitter scam - opinion

So, from one page of Bill Gates alone, 51.5 million subscribers were sent out. Almost 37 million more tweets went to the addresses of Elon Musk’s subscribers.

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“He is not guilty! ..”

As a result, the main cryptocurrency of the world was dragged into another – and this time very loud – scandal associated with fraud and criminal activity..

Against this backdrop, US Congressman Tom Emmer posted a commentary today in which he stated:

“Bitcoin is not a problem. The problem is centralized control. “.

Bitcoin is not to blame for Twitter scam - opinion

It’s worth noting that Emmer, a Republican and member of the House of Representatives, has long shown an interest in Bitcoin and other cryptocurrencies. Since 2018, he has been actively promoting legislative initiatives in Congress in support of blockchain technologies and cryptocurrency companies..

Emmer raised an important issue. Indeed, while analysts are tracking the attackers behind this one of the largest cyberattacks in history, proponents of decentralization are already talking about the chronic problems of centralized structures..

Obviously, the possibility of insider access to some internal centralized control node on Twitter played a role in what happened. Once again, such a factor has come into play as a single point of failure, capable of provoking a failure of an entire huge system or providing unlimited opportunities in the hands of one attacker..

To be fair, Twitter management has long been aware of the centralization risk. Founder and CEO Jack Dorsey last year announced funding for a small independent group of developers Bluesky, engaged in creating an open and decentralized standard for social networks. He stressed then that Twitter will hasten to join such a format as soon as it is created..

A blow to reputation

Although Bitcoin did not immediately respond to the early reports of the Twitter hack, about 10 hours after that, the currency began an aggressive drawdown and lost about $ 200 intraday, trying to reach the $ 9,000 mark..

Bitcoin is not to blame for Twitter scam - opinion

Some members of the crypto community believe that this fall may still be related to the story with Twitter, which simultaneously brought down the company’s shares. In their opinion, what is happening has created a negative halo around bitcoin and cryptocurrencies in general..

Indeed, today, not only bitcoin is in the red zone. Over the past 24 hours, many other cryptocurrencies have suffered losses ranging from 1 to 5%. Among the top 10 currencies with the highest market capitalization, Cardano (ADA) was the hardest hit. The total size of the crypto market capitalization has decreased at the time of writing from $ 273 billion to $ 267.6 billion.

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