BITNEWS.PRESS Crypto News

Latest Crypto Currency World News

Search and discover the latest Crypto Coins updated Stories in Categories

Every day new articles about Blockchain, Technology from the Crypto Communities!

The Twitter Hack Is A Massive Advertising Campaign For Bitcoin, Says Binance CEO CZ

The Twitter Hack Was a Massive Advertising Campaign for Bitcoin, Says Binance CEO CZ

While some people are still stuck trying to differentiate a Twitter scam from a Bitcoin scam, it turns out the latest scandal involving Twitter and bitcoin was just an advertisement for Bitcoin.





At least that’s what Binance CEO thinks. Three days after the biggest breach on the most important social network in the world, Changpeng Zhao wrote:





“It is regardless, a massive advertising campaign for Bitcoin. How often do you get all these famous accounts tweeting about crypto, albeit we all wish they had tweeted about Binance Academy post instead?”





As ZyCrypto reported when the story first broke out on 15 July, hackers targeted verified accounts of influential public figures including politicians, celebrities, top crypto personalities, and exchanges.





There’s No Such Thing as Bad Publicity





The Twitter scam caught the attention of the international community, with coverage from the world’s top news outlets, and continuous updates as events unfolded. Both sides have come out to support or to criticize bitcoin’s security and its validity as a currency or an asset.





As always, top Bitcoin critic and gold investor Peter Schiff had negative things to say about Bitcoin’s apparent role in the hack.





“It looks like all verified Twitter accounts have been hacked by someone running a Bitcoin scam. For once being verified has its advantage. I wonder if this is a harbinger of Bitcoin itself hacked? Better to play it safe and just buy gold.”





In bitcoin’s defense, and to show how relevant Bitcoin was in the hack, Wave’s Founder Sasha Ivanov highlighted an important point:





“The hacker could have started World war 3. Instead he scammed[u1]  people out of 2.5 BTC.”





According to Binance CEO, as long as people are talking about Bitcoin, it is advertisement and one more step further towards mass adoption. 





That’s How Far People Are Willing to Go, for Bitcoin





Considering the damage the hacker(s) could have done with such privileged access, they only used the hacked accounts to scam people out of their bitcoins. According to this Twitter user, the damage could have been far worse.





“12.895 BTC or approx. $119,000. But yeah, not a lot considering the reach those accounts had.”





Binance CEO also added that this should serve as a lesson to all crypto hodlers who unquestionably fall for such online giveaways.





“It also educates the public about how not to fall for online scams even if your favorite idol asks you to donate or transfer funds, verify before you send. “





Twitter was quick to own the attack, with Jack Dorsey saying that the hacker(s) targeted a Twitter employee with “internal access” to systems and tools.





Meanwhile, the FBI is conducting a major investigation into the hackers who seem to have orchestrated a well-coordinated attack and disappeared into thin air. TRON’s CEO might, however, get there faster with a $1 million reward that he has promised to give anyone who can track the hackers down.


BitNews.press shares this Content with License.

Ledger Nano X - The secure hardware wallet