Bitcoin (BTC) makes headlines again due to the recent Twitter hack, but this time we need to work harder to protect Bitcoin safety and the industry's progress.
A social attack coordinator of Twitter accounts threatened prominent personalities and organizations such as Microsoft co-founder Bill Gates, Tesla founder Elon Musk, Amazon owner Jeff Bezos, former US President Barack Obama and 2020 US presidential candidate Joe Biden, among others. Ask about Bitcoin in fake “free” messages.
When the story erupted, the New York Times, BBC and other major media quickly described the incident as “bitcoin fraud” or “crypto fraud”.
Using bitcoin and tricks simultaneously in the global media can create a feeling that all work to build confidence in this revolutionary technology since its inception in 2009 has been in vain.
This is another reason why companies and their PR teams need to announce that Bitcoin is now a positive factor for the industry.
Record-breaking: Bitcoin not to blame
The first thing to clarify with the media, friends, family, and beginners is that this is a high-level hack on Twitter.
This is not a “Bitcoin hack”, not a “Bitcoin-Twitter-hacking” or “Bitcoin-Twitter-hack” – as described in “Standard Evening” and even “wired” – because Bitcoin has not been hacked and Bitcoin does not become the cause of the hack.
It is even more disturbing to see The Late Show with Stephen Colbert describe hackers as “Bitcoin Bandits” when the hacker's motives are not confirmed.
Twitter is a centralized organization. All users’ data and accounts are kept in one place. In order for hackers to access many Twitter accounts, they had to compromise the central Twitter database.
Let's be clear: hackers hacked the Twitter database and hacked high-level accounts to request bitcoins.
The CNN Business report justified the story by saying that the fraud itself was fairly common, and that Bitcoin was just a “coin used to quickly profit from piracy.”
Related: Twitter will not be compromised if supported by Blockchain technology
Make Bitcoins a decentralized currency
This hacker raises concerns about the weakness of the central institutions that keep our data and strengthens the argument for a peer-to-peer decentralized network.
Within hours of the first fake donations, the hacker tweet received about $ 120,000 in Bitcoin in 375 transactions. To put that into context, $ 120,000 represents a slight loss compared to the well-known digital currency piracy the industry has seen, like $ 40 million stolen from the central digital exchange platform in May 2019.
We also need to make it clear that unfortunate cryptocurrency owners who have lost their money have unfortunately been deceived by fake gifts instead of “stealing” their money.
While Bitcoin transactions are irreversible, this is the best opportunity for beginners to learn about the benefits of Bitcoin tracking, as Bitcoin voluntarily sent to hackers can be easily tracked using a blockchain detector.
Shortly after the hack was discovered, Twitter limited the ability of people to write encryption addresses. The crypto community may also argue that it doesn't really matter the safety of user money, as it was difficult to steal from the cipher account (if you don't have a private key), while sharing your bank account data can cause you serious problems.
This is a serious violation of Twitter's central database, and the FBI has begun investigating national security concerns.
It happened that Bitcoin was the currency that hackers claimed this time.