Will the twitter scam crash the price

[jackg]

Supposedly bill Gates and Elon musks account has been hacked. Along with many other people's accounts (such as binance and coinbase but coinbase may have regained control).

Hopefully the amounts sent remain low and this is just like a normal thing (like the twitter lives) but if a lot of people have sent all they have or this ends up in mainstream media (everywhere) then we could be in for a big crash...


I'm hodling still though. I wouldn't suggest selling but I'm just curious on people's opinions to this.

[StonksStonksStonks]

they got Joe Biden and Mike Bloomberg. This is huge news. Warren Buffet too

i think it pushes the price upward in the long run. Maybe some panic selling real quick first. Remember when Silk Road got busted, the price paniced and the moon'd hard. All that media attention causes to people to say "whats bitcoin" and they start looking it up and decide to buy some. Any attention is good attention

Also we are in huge a finanical speculation bubble for stocks right now. Those robinhooders can buy bitcoin on the app and they will.

[Upgrade00]

I believe this is one of the reasons Satoshi chose to remain anonymous. If he/she/they were to have a social account and that account was hacked or became dormant for a while this could lead to panic and hugely influence the price and the future of Bitcoin.
This is a really clever scam and due to the trust most would have associated with those verified accounts, it will make it easier for them to become victims, I however don't think it would crash the price, if anything, it's a flaw from Twitter and not the Bitcoin network.

If the accounts were fully compromised, the hackers may have been able to access private information that had been shared through private messages or drafts. Another reason not to share sensitive information online (such as private keys or passwords).

[jackg]

Yeah I forgot to say this is a massive flaw with twitter instead of bitcoin itself...

I've not seen if they've said anything yet but I'm really surprised by something like this to actually take place. As I said above there were reports coinbase had managed to reclaim their account (but this may be something other than the credentials).

At the bare minimum, hackers got access to some sort of database editing external to twitter (probably due to some staff working from home)? and then registered a site as the site has been registered very recently.

[carlfebz2]

As i had able to read up which those hackers do able to get 6 BTC in to the address given having 200 transactions with it. I dont know if those numbers were accurate ones or not but

i would say that this one wont crash the price even if it involved a hundred of BTC's it wont really be that sufficient.Good thing that everything was stopped in a short span of time

before it can do even more or further damage. This one is definitely on Twitters issue and i dont see for it to correlate on market even this one is somewhat huge news.

[TravelMug]

Yeah I forgot to say this is a massive flaw with twitter instead of bitcoin itself...

Yeah, I think its more on a black eye for Twitter and not crypto in general.

https://techcrunch.com/2020/07/15/twitter-stock-slides-after-hours-amid-scramble-to-contain-high-profile-account-hacks/

This is really absurd, those are high profile accounts that the hackers has taken, the question is can Twitter be sued in this one? Specially that people are high profile and billionaires? We will see.

[Kemarit]

As i had able to read up which those hackers do able to get 6 BTC in to the address given having 200 transactions with it. I dont know if those numbers were accurate ones or not but

i would say that this one wont crash the price even if it involved a hundred of BTC's it wont really be that sufficient.Good thing that everything was stopped in a short span of time

Yes it is, andg growing at 12 BTC (https://www.blockchain.com/btc/address/bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh)

before it can do even more or further damage. This one is definitely on Twitters issue and i dont see for it to correlate on market even this one is somewhat huge news.

But the damage has been done already, even their own Twitter account was hacked so this is one of the worst hack relating to social media platform. But this issue will not affect Bitcoin though, on the contrary, it will be another publicity good or bad, depending on how you look at it.

[Baofeng]

At the bare minimum, hackers got access to some sort of database editing external to twitter (probably due to some staff working from home)? and then registered a site as the site has been registered very recently.

This is one possibility, we all know that hackers really targeting many big companies in every sector and perhaps someone from inside gives the hackers access to there database or at least a chance to exploit their database that's why this whole incident happen. Jack should be sweating at this moment and for sure we might see heads rolling from Twitter after this attack.

[STT]

then we could be in for a big crash...

People hack paypal and western union scams are or used to be quite frequent yet they carry on because the negative operators are usually external to the means used to gain payment.    In this case it appears to involve twitter allowing a bypass of 2FA perhaps, they left something open they shouldnt but it wasnt the BTC protocol that caused this, its how they want to transport it.  I do think this is external and not likely to lead to a sell across markets.
   The most frequent scam I hear of nowadays involving payment methods is gift cards or any kind of token you can buy in a shop so maybe mobile phone credits, this is often used by people phishing and operating trust based operations to defraud.   To this day most fraud is via telephone I think because its a more convincing personal voice, twitter failed to be a better system is all Im reading this story as.

[gentlemand]

Of course not. The price hasn't budged throughout either.

I can't believe whoever did this added the same pathetic scam that's been going since 2017 or whatever.

They should've had a fucking massive short on Bitmex and coordinated tweets from all the exchanges about the Secret Service bursting into their offices and drilling their staff with machine gun fire.

The panic wouldn't have lasted long, but it would've been long enough to make millions. Instead they've 100 grand or so, and most of it was probably theirs anyway to look cool.

[jackg]

Of course not. The price hasn't budged throughout either.

I can't believe whoever did this added the same pathetic scam that's been going since 2017 or whatever.

They should've had a fucking massive short on Bitmex and coordinated tweets from all the exchanges about the Secret Service bursting into their offices and drilling their staff with machine gun fire.

The panic wouldn't have lasted long, but it would've been long enough to make millions. Instead they've 100 grand or so, and most of it was probably theirs anyway to look cool.

Yeah I guess it was 330 ny time and 8pm uk time, however a lot of media companies don't seem to have put it out as a headline until recently. The BBC shunted it to the top of their list about 40 minutes ago...

But yeah it was a pretty stupid tactic.

invest in cybersecurity stocks. stock ticker: SFET

I question this. A lot of cybersecurity firms offer compensation for breeches and aren't insured to a great extent themselves afaik...

We might see quite a few technology stocks fall from this too.

[Wexnident]

There shouldn't be that much effect I suppose. A 100 grand seems like a drop in a bucket when you compare it to the amount of money being traded daily, and even if they did try to sell it all in a single day, a bit of time is simply needed for the price to bounce back up. Additionally, if people aren't idiots, twitter would most likely be the one most affected by this. Bitcoin had no say in this and let's just say, it was simply a medium used so that they can scam others of their money.

Damn, just checked the issue itself out and there was a LOT of accounts hacked. And they even managed to make it difficult for such accounts to be returned by changing email addresses and mobile numbers. Twitter is gonna get hit real hard with this issue since someone inside being involved is largely possible.

[pilosopotasyo]

Yeah I forgot to say this is a massive flaw with twitter instead of bitcoin itself...

Yeah, I think its more on a black eye for Twitter and not crypto in general.

https://techcrunch.com/2020/07/15/twitter-stock-slides-after-hours-amid-scramble-to-contain-high-profile-account-hacks/

This is really absurd, those are high profile accounts that the hackers has taken, the question is can Twitter be sued in this one? Specially that people are high profile and billionaires? We will see.

This will be a big concern for Twitter their security is not good anymore there's been a lot of attacks in the past, these big names are investing in their reputation in the social media and they will be hacked just like that, I think it's time for Twitter to implement a two factor authentication or email and cellphone verification just like what Google is implementing.

[jackg]

Also was it hacks that killed of MySpace when that was a thing? I think that destroyed its reputation as well as the rise of Facebook which people seemed to just prefer.

[maxreish]

It somehow affect the cryto market. Not just those popular names but also those crypto exchanges twitter accounts too. Twitter aware of this incident and now taking some actions. And those hackers still using this pandemic season to scam people.

Oh btw, here's the response of twitter about that issue.



But yeah, I'm still holding. I do hope not much fell for that fake giveaways by hackers who used those accounts.

[Toxic2040]

Andreas just posted on YT that his twitter account has also been hacked.

https://www.youtube.com/watch?v=TMwjPaP8WWs


He does not look happy..some artistic license in use here...

[TravelMug]

Also was it hacks that killed of MySpace when that was a thing? I think that destroyed its reputation as well as the rise of Facebook which people seemed to just prefer.

Partly though, I still remember it, but Facebook was really coming very hard on it's tail that time and it was really perfect opportunity to them. And then the exodus of MySpace to Facebook suddenly happened. But it was totally different as it was a one man team who hacks MySpace and they couldn't recover from the news.

Interesting to see the results so far:

[TGD]

Theoretically, it will not affect bitcoin price because the lapses is on the system of twitter. The amount of money involved is not that big compared on the usual exchange hacking that result to market crash. The current price of BTC is still stable as of now. So it means that the market is really not affected on this news. I believe twitter shares is the one who is in danger of a price crash once this news become trending. Imagine a secured verified account hacked so it means that everyone on twitter is an easy target for hacking.

[BrewMaster]

i honestly don't see how this could even remotely relate to bitcoin price. scams like this happen all the time (maybe on a smaller scale but still) and they have always only affected newbies, the newbies who don't even have that much bitcoin to begin with. and price is not determined on twitter!

Yes it is, andg growing at 12 BTC (https://www.blockchain.com/btc/address/bc1qxy2kgdygjrsqtzq2n0yrf2493p83kkfjhx0wlh)

that balance doesn't prove anything.
it is like the beggars or the street performers who put in the first dollar to get the ball rolling and make it look like they are being paid so others also feel safe paying them.

[Yogee]

For reference:

Tech companies, cryptocurrency exchanges, celebrities, and tech executives are among the high profile accounts the hackers have already managed to take over in rapid succession to promote their scam.

The Twitter accounts of @Uber, @Apple, @Bitcoin, @BarackObama, @JeffBezos, @JoeBiden, @elon_musk, @BillGates, @WarrenBuffett, @kanyewest, @wizkhalifa, @coinbase, @Ripple, @Gemini, @binance, @justinsuntron, @Tronfoundation, and @SatoshiLite have all been hijacked.

- https://www.bleepingcomputer.com/news/security/apple-kanye-gates-bezos-more-hacked-in-twitter-account-crypto-scam/

I wouldn't sell because of what happened to twitter and I think that also the mentality of most traders and investors even if the hackers managed to collect 100 btc [currently at BTC12.8]
 

At the bare minimum, hackers got access to some sort of database editing external to twitter (probably due to some staff working from home)? and then registered a site as the site has been registered very recently.

This is one possibility, we all know that hackers really targeting many big companies in every sector and perhaps someone from inside gives the hackers access to there database or at least a chance to exploit their database that's why this whole incident happen. Jack should be sweating at this moment and for sure we might see heads rolling from Twitter after this attack.

We'll have to watch out if they were able to gather sensitive data from this incident which could lead to exchange hacks. There's a bigger possibility that price will take a hit if that ever happens.