Defending Bitcoin’s Integrity in the Great Twitter Hack

How Secured is Bitcoin?

Bitcoin transactions are highly susceptible to scams and major frauds. Though they are useful, bitcoin should be only kept and managed through wallets, that the user can control. Bitcoins transactions are virtual, and this is the primary reason, for so many deceitful activities and scams around it. These scams are hard to trace, monitor, and investigate. Bitcoin itself is safe and secure, only when stored in the user wallet.

The Colossal Twitter Scam

Bitcoin came to the limelight in recent times, and this time it is for a massive fraudulent activity. On 13th July 2020, reportedly 130 high-profile Twitter accounts were hacked by external parties to execute a terrific bitcoin rip-off. There was a hacking executed through Twitter, where top-notch accounts of Joe Biden and Bill Gates misleadingly tweeted requesting for bitcoins. Fortunately, such fraud transactions were blocked successfully. Cryptocurrency exchange Coinbase jammed millions of pounds worth of bitcoins getting transferred to the scammer’s accounts.

How Bitcoin’s reputation got scared?

Bitcoin has made global headings again because of the current Twitter scam, and this time, the company needs to work harder and pay heed to defend Bitcoin’s truthfulness, and the growth of the cryptocurrency domain has already made.

The synchronized social engineering attack scammed the Twitter accounts of eminent personalities and companies such as Microsoft, Amazon, Tesla, and the U.S. President. Bitcoin accounts of Amazon owner Jeff Bezos, Microsoft co-founder Bill Gates and earlier United States President Barack Obama and 2020 U.S. presidential contender Joe Biden were attacked and were asked for forged transactions. This news spread like a forest fire and in no time every reputed media house like BBC and New York Times highlighted the news, citing it as Bitcoin Scam. This tweaked headline scarred the brand and industry and put all the trust of the Bitcoin users at stake. The repute and faith that Bitcoin grew for itself since its inception in 2009 shook overnight.

Bitcoin Put it Straight and Clear

Bitcoin as a company stood steadfast and headstrong defending this scam and cited all reasons and clarifications publicly to justify how Bitcoin is not a part of this fraudulent activity. It was declared by the company that Bitcoin is not accountable for the scam and Bitcoin did not get hacked. Twitter is an autonomous organization. It possesses all users’ useful information, facts, account details, and statistics in one location. To get admittance to these Twitter accounts, the hackers decoded Twitter’s centralized record and database. So, nowhere Bitcoin as a company stands accountable.

Bitcoin firmly clarified and justified their accountability and assured their customers of the safety and security of their cryptocurrencies with the company.

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