Bitcoin (BTC) and crypto got mainstream attention yesterday following the hack of numerous influential Twitter accounts which led to over $100,000 of Bitcoin (BTC) being stolen. Ultimately, the mainstream media is trying to blame Bitcoin (BTC) for this incident, but in reality this hack was due to Twitter’s faulty security.
Specifically, the Twitter accounts of Presidential frontrunner Joe Biden, former President Barack Obama, and billionaires Elon Musk, Jeff Bezos, and Bill Gates, as well as Twitter accounts associated with crypto platforms such as Binance and Gemini, were hacked.
This is not even a complete list of hacked accounts. This was truly a massive coordinated Twitter hack on an unprecedented scale.
All of the hacked Twitter accounts displayed a message which promised to send users back $2,000 for a $1,000 Bitcoin (BTC) payment, and that users only had 30 minutes to redeem this offer.
This sort of hack has been around for years, and it’s dumbfounding that people still fall for it. In any case, at least $113,000 of Bitcoin (BTC) was stolen within minutes.
This incident led to a surge in Bitcoin (BTC) activity on social media to record levels, with 550,000 social media posts about crypto within 24 hours, and a new record of 100,000 individuals posting about Bitcoin (BTC) at the same time on social media.
Unfortunately, the media tried to label this as a Bitcoin (BTC) hack/scam, when in reality this is a Twitter scam/hack. Bitcoin (BTC) was just the form of money that the scammers stole. If Bitcoin (BTC) didn’t exist, the scammers would’ve used some other form of payment.
When it comes down to it, this scam was due to a massive breach in Twitter’s security, and Twitter should be the one receiving negative press for this.
That being said, it seems this incident ended up raising awareness of Bitcoin (BTC) to numerous people on social media who never mentioned Bitcoin (BTC) before, so perhaps this had a slight positive effect for crypto adoption. As they say, even negative press is good for business.