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September 22, 2020
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Peter Schiff on the Twitter hack: “Is this a harbinger of Bitcoin itself being hacked?”

Peter Schiff: “I wonder if this is a harbinger of Bitcoin itself being hacked? Better to play it safe and buy only # gold. ”

Bitcoin is arguably the most secure network in the world. The network hash rate and the amount of computing power dedicated to protecting it is considered to be the litmus test of overall security. Just a few days ago, the bitcoin hash reached a new record history, which means that it is almost impossible for a 51% attack to occur.

That said, Peter Schiff still believes that bitcoin can be hacked. In a recent Twitter post, Schiff said that after the Twitter hack the next in line could be Bitcoin itself. Euro Pacific’s CEO then urged his followers to “play it safe” by buying gold.

“It appears that all verified Twitter accounts were hacked by someone applying a #Bitcoin scam. For the first time, not being checked has its advantage. I wonder if this is a harbinger of Bitcoin itself being hacked? Better to play it safe and buy only # gold. ”

How did the Twitter hack happen?

In a crazy turn of events, a large-scale coordinated attack took over the accounts of prominent people in the crypto universe at around 19:00 UTC on Wednesday (15). In a matter of minutes, the Twitter accounts of Binance, Coinbase, Gemini, Justin Sun, Charlie Lee, Bitfinex, The Tron Foundation, Ripple and others published a bitcoin donation scam linked to an organization called Crypto For Health. The posts also asked users to send bitcoin to a specified address with a promise to get back double the amount.

About an hour later, scammers changed their strategy by taking over the mainstream crypto. They abandoned the slogan “CryptoForHealth to use the accounts of profiles of celebrities and important companies like Elon Musk, Jeff Bezos, Bill Gates, Barack Obama, Joe Biden, Michael Bloomberg, Kanye West, Apple and Uber. Unfortunately, some people fell for the scam and sent BTC. At the time of publication, the bitcoin wallet of the scammers received about $ 118,590.

Later, Twitter Support shared an declaration, claiming that they believe the breach was probably the result of a social engineering attack. During their investigation, the Twitter team found that hackers targeted some of the company’s employees with access to internal systems and used the acquired access to “take control of many verified accounts.”

Jason Koebler, editor of Motherboard, technology section of VICE Magazine, allegedly spoke with two hackers who took responsibility for the phishing campaign. One of the hackers noted that he paid a Twitter employee to help take over the high-profile accounts.

Critical Bitcoin Analyst Schiff

Tone Vays, a well-known bitcoin trader-analyst, took to Twitter to criticize Peter Schiff after his recent post. Vays said Schiff believes that bitcoin will be hacked just because Twitter was hacked clearly shows that he doesn’t understand how BTC works.

Like the bitcoin bull Anthony Pompliano said,

“Twitter has been hacked. Bitcoin has never been hacked. “

Also, if you remember, Schiff made a mistake earlier this year after losing access to his bitcoin wallet and blaming the cryptocurrency for the loss. At the time, he said his wallet had been corrupted and his password had become invalid. The bitcoin hater, however, later admitted have confused the wallet pin with the password.

Source: zycrypto

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