[ad_1]
Gold bug and infamous cryptocurrency critic Peter Schiff wonders whether or not the latest hack of verified profiles on Twitter is “a harbinger of Bitcoin itself being hacked.”
In a July 16 tweet, Schiff talked about yesterday’s mass hack of verified Twitter profiles which had been used to advertise a Bitcoin rip-off, additional suggesting that it might be a prelude to a hack of the cryptocurrency itself.
It appears to be like like all verified Twitter accounts have been hacked by somebody working a #Bitcoin rip-off. For as soon as not being verified has its advantageous. I ponder if it is a harbinger of Bitcoin itself being hacked? Higher to play it secure and simply purchase #gold.
— Peter Schiff (@PeterSchiff) July 15, 2020
Twitter hack utterly unrelated to Bitcoin safety
Pavel Luptak — co-founder of Czech cryptocurrency group hub Parallel Polis and Hackers Congress Prague — informed Cointelegraph that the Twitter hack and the potential for Bitcoin’s community being compromised don’t have any connection by any means:
“It is a hack of Twitter, not Bitcoin. Bitcoin was only a scammer’s solution to ask folks for cash. In fact, it might be a status concern for Bitcoin (I count on some crypto exchanges begin to blacklist these stolen Bitcoins). However it’s primarily an enormous status concern for Twitter that’s not capable of shield their consumer accounts.”
As Luptak identified, Bitcoin was only a medium of worth switch that the hackers duped their victims into utilizing. In truth — as some group members identified within the Twitter thread — the scammer’s resolution to make use of Bitcoin was in all probability motivated by authorities’ incapacity to censor and reverse Bitcoin transactions.
Transaction irreversibility is a extremely appreciated characteristic of Bitcoin that many imagine to be the muse of its worth. Additionally it is price noting that whereas this Bitcoin attribute is appreciated by scammers, in addition they used different methods prior to now.
Luptak stated, “It’s essential to know that the majority scammers in historical past used fiat cash. […] This isn’t an issue of Bitcoin; any foreign money can be utilized for scams.”
Hacking Bitcoin is tough
Moreover, Luptak defined that “Bitcoin has a decentralized protocol, 1000’s of nodes, all the things is clear and auditable.” All of these options make the community a lot tougher to hack than Twitter.
Whereas assaults on Bitcoin’s community — corresponding to a 51% assault — are theoretically attainable, it’s extensively believed that they might be extremely tough, a lot in order to preclude any potential hacker from even attempting.
Bitcoin was launched in 2009 and up to now no coin was stolen on the community by a hack. Luptak recommends:
“Pay attention to social engineering scams, and naturally, [keep in mind that] no person provides you something without spending a dime.”
[ad_2]
Source link