Topic: Will the twitter scam crash the price (Read 739 times)

I think bitcoin is not a new thing now that it would get a pump and dump whenever it's in news this thing used to happen in 2017 but does not works now. Take it this way that number of heists or scams take place with fiat currency or banks but how often would you see that currency having a big effect of that? Bitcoin was merely a tool used in the case and is not a cause of the whole problem. So i feel it's far related from price of bitcoin unless elon musks decides to crush cryptocurrencies with all his money.

It seems that everyone is looking for the source of possible problems that could theoretically arise. What happened to Twitter and the accounts of famous personalities is one of the many cases of fraud in which Not only cryptocurrencies, but also fiat funds can be used. In general, I could not even imagine such that this situation would affect the cryptocurrency market. In addition, over the past few days, we have seen simply amazing results for Bitcoin and Ethereum, as well as some other top rated other cryptocurrencies on the market.

I was right, it didn't crashed the price, in fact it made bitcoin reach its high this year and it seems it has triggered a little FOMO so hopefully bull run will happen soon. It seems like bad publicity will not work, in fact, it only result to positive price movement of bitcoin, our market is really different.

There were a lot of people who got fooled when all accounts on twitter related to bitcoin was hacked.
A lot of people thought that those tweets that came from those accounts and they started sending money to those addresses. Eventually, scammers wanted to sell those amounts but their wallet addresses were blacklisted from the exchanges.

Twitter scam doesn't crash the price, it might cause the price to fluctuate within certain limitations. Probably it is like the Binance hack that is expected to make a big crash in the market, but there isn't big change in the market. This has given users a warning and through this more people have known about cryptocurrency.

From my point of view, the twitter scam will not result in a crash for bitcoin's price because bitcoin and other cryptocurrencies are always being used in fraud and other illegal activities. But what just happened on the Twitter scam is its destroying bitcoin's reputation that more people would be more afraid to buy bitcoin, especially for those people who are victimized by this Twitter scam. Also, this kind of scam could not be trick by people who has a lot of experienced in crypto because if they are smart and have an idea about cryptocurrency, they would put research about their profiles if those famous people have been hacked or not.

It blows my brain! People who are able to register on the legal crypto exchange, they are clearly 18+, they can read and write, but at the same time they believe in actions like "send me money and I will return x2 to you." Can we consider their legal capacity? 

Ironic point of the week, exchanges now good for anti scam apparently :



Overvalued vs what though, we have such easy money the price of anything with prospective revenue is valued far more then the immediate value and so speculation is very high.   All the tech stocks are high but its justifiable still and previously they were depressed and neglected as a sector post dotcom boom.   For years they were overlooked and with the relevance of tech higher then ever I dont think thats the place I would look for over value.    It is extraordinary that Twitter cant even touch the July low, maybe people cant realise how serious the loss of root access is.

^ Those people who believed in this prediction probably on the FUD. $7k is too low for me and I think it will not drop far on $8k, as we noticed the bitcoin price was in a stable like $9k range, I see the possible barrier and that was probably the recently hacked twitter accounts. But it will always resist the price and the dominance will not fall down this month. Remember that we are on halving impact and probably there is a potential that the price of the market will have improved. Nevertheless, my doubt is twitter scam has a little effect but it was quickly recovered.

I think we got used to hacks and the effects that comes with it so just because so far the hack was not that big doesn't mean the effects won't be big. It will crash but it will crash a lot ? I doubt it. A lot of speculators are expecting a crash of Bitcoin price under 7k$ again in order to fill those big bags again but those who are new and haven't experience a hack of an exchange or a person will think that something like this will not affect the price but time will tell.

Yep, tech stocks especially are performing well. The NASDAQ made another new ATH on Friday. Even Twitter's stock barely reacted to the hack, and the losses were quickly recovered:




News is never the true cause of price moves. It only acts as a trigger, depending on the underlying supply and demand. If there is strong latent supply and weak demand (like November 2018, with the BSV launch dump), then it can catalyze a major crash. If the proper supply/demand dynamic isn't there, it won't.

It might be, but if the amount stolen is not too much. I am sure if the number of bitcoin stolen by scammer exceed 1000 or even ten of thousand, then everyone will definitely be affected to sell them because it is feared the price will go down, assuming fraudster will sell stolen bitcoin at cheap price. But if there are only hundred, it might not have much effect on price.

These things have nothing to do with BTCitcoin and it will not affect the market price but it is true that for anyone who is not familiar with the market reads the news headline that says BTCitcoin scam hacking twitter accounts and i have seen many articles with similar headlines in local newspapers and it is not a good publicity i want about cryptocurrency and BTCitcoin.

I would not call it a good advertisement for cryptocurrencies - as in most cases, there is an association with a criminal background. On the one hand, such news attracts attention and, as you rightly noted, attract new people, but on the other hand, these people have a strong association in their ideas: cryptocurrency is associated with crime.

I have a feeling that won't happen--not that most tech stocks don't deserve to fall, since a lot of them are seriously overvalued to begin with, but the stock market is on fire right now and this incident is just going to be a blip on the radar of investors. 

And as far as any effect on bitcoin, forget about it.  There have been so many incidents over the years where you'd think the price would tank and yet it didn't.  Never underestimate how resilient bitcoin is to bad news, rumors, and pretty much anything else you can think of that should crash its price.

For now we have not seen any effect on the bitcoin prices as it is almost a week now and bitcoin is stable at 9150$ around. But certainly, such things when happen creates a bd feeling among people related to bitcoin as they seem that is only used for such wrong’s things. Hope this perception of people will change over a period.

I'm just seeing it a positive thing because this twitter hacking and scamming things made many people to know about something about cryptocurrencies. We must consider the time where it happened; I mean if it is not into lockdown times, then I guess the story will be completely different but when people are sitting lazy and looking for anything interesting to test and try, I guess getting them into the cryptocurrency will be making something positive for the crypto ecosystem for sure.

I'm not in support of making crypto notoriously getting familiar to new people but when it is happening for some reason, I believe we cannot do anything about that. It is just part of everyday life like we prefer or not some people are getting know about bitcoins even due to bad things.

It's twitter's fault at all and not the ones who got hacked, and scam, and issues like these are commonly are impossible for bitcoin's price to get affected and get crash. But there might be people who will be afraid of the incident that they will sell out their bitcoins for them to avoid getting hacked that will result in a decrease to bitcoin's price.

I don't think so, it's Twitter fault and it's not an exchange I still consider Twitter outside of the industry in fact we will have one coming up and should shutdown Twitter, they are very vulnerable it will not have an impact on the price, and so far this is what is showing in the market.

Issues like this will surely past away and on the current price where it isnt really that affected much and we do even increase in few dollars.It is indeed in Twitters fault and has nothing to do with bitcoin

and also the amount had been scammed by those hackers arent really that big to make a market crash.Possibility is there though but this will talk in panic situation but basing of on

how the public do react into the incident then i can say that it is unlikely to happen.

1.) No impact on the bitcoin price.
2.) If the regulators want it, there are huge problems for Twitter, as hackers have shown the tools that are used by this corporation behind the scenes and bypassing current laws.

yeah right, there is no direct correlation between bitcoin and twitter, so i really agree with you that how the relationship between twitter and bitcoin which is clearly regulated / rules alone is very much different.

maybe Twitter will influence the development of bitcoin, it might happen because after all social media really influences even a little bit on bitcoin. all news from social media is clear even though it will not directly affect if there is news that is sensitive to bitcoin.
but bitcoin can overcome such problems by itself and rise, because bitcoin is highly sought after and is sought after by investors.

the security of bitcoin is quite reliable and it is not possible for people to hack it, but if an individual bitcoin wallet would be easy to hack, it would also be because of people's negligence not because of the hacked bitcoin system.
as long as we can maintain it well, hacking will never happen. bitcoin is very reliable until now and it would not be possible for people to turn away from bitcoin.

Doesn't give any damn since there's no huge volume that can make the price go down but maybe there's really a slight changes but it doesn't mean that we need to get panic for the said incident, For me that issue is not big in crypto world since the hacking incident happen on twitter the only bad side of it is bitcoin drag to another controversy but for sure this will subside and will be forgotten by people in next following days.

The security thing was from twitter itself and nothing to do with bitcoin, so I doubt it could hurt us. However has anyone checked the value of twitter?

I do not know how to do that and if they are public at all, but it looks like they should be losing a ton of value there, twitter would be worth half of what it was according to my assumption after they allowed a hacker to basically talk on behalf of all the important people in the world. That is what great about bitcoin as well, you have such a strong wallet that it would be almost near impossible to brute hack it. Sure someone could put a keylogger or just a virus into your computer and hack it that way but there is no way someone could hack it from outside.

This is why as long as you are careful you will be fine in bitcoin, which shows how this twitter hack was actually a proof of why we are good and should make it go up let alone go down.

That slight changes is probably just a traders movement IMO since it doesn't affect that much of the market. Twitter should have announce what was actually happening and how they would handle everything so that it won't happen in the future. So for now, I guess we'll just have to wait for their official announcement. And since it doesn't really give a panic to the investors then it is proven that they don't really matter to the market somehow.

As per twitter, this was a coordinated social engineering hack. This means that a bunch of people masqueraded over phone calls and e-mails to nudge some internal employee to divulge certain administrative privileges. More than affecting bitcoin, it does more damage to twitter like everyone said.

I don't know what it does to Jack Dorsey's endorsement of Bitcoin. I mean you already go out on a limb as a famous tech millionaire to support an anti-authority crytpocurrency and then some joker tries to hurt your company using that same thing. This must be pretty disappointing for him. That is what may hurt bitcoin, if not anything else. Its also a moment of truth for tech companies and authorities to decide that who exactly are the responsible parties when it comes to scams, fake news etc on social media and the interweb.

And more than 24 hours after the incident, we haven't seen the price of bitcoin moves, still just slightly above that $9k strong support. And there are a lot of people who understand that it was really Twitter who has the problem here and not bitcoin.

As one US Congressman point it out, "Bitcoin isn't the problem. Centralized control is.", so that sums up everything.

https://twitter.com/RepTomEmmer/status/1283560177489379330

This 30-minute time limit was having many reasons behind it:
1. The person wouldn't have much time to check the legitimacy of the tweet because if someone is giving away bitcoins then there would be a social media post of the same in
    numerous places, like on the Instagram, Snapchat, and Facebook of the person in order to reach more number of people.
2. To create a scarcity of Bitcoins distributed, only a limited amount of bitcoins were being given away by them this also made the people to not think from their minds first.
3. Twitter would have eventually caught on them if they would have accessed the accounts of those celebrities for too long.

Also, this incident should have made bitcoin more popular and thus should have increased the demand for and so do the price.

If you ask a question like this maybe you should have sold your BTC? Hacking some Twitter accounts is completely irrelevant and has no effect on the price of Bitcoin, and the only connection between hacking and BTC is that the hacker uses BTC in an attempt to scam some naive people.

Most hacked accounts are locked in minutes, and the damage done is minimal - some of the transactions were actually sent by the hackers themselves to send messages like "JustReadAll - YouTakeRiskWhenUseBitcoin - WhyNotMonero", so the whole thing is more of a message than an attempt of a actual scam.

In terms of the impact on Bitcoin, something like this might have passed 4-5 years ago, but today this kind of news has the same effect as if someone breaks a glass bottle and then asks if the glass industry will experience negative consequences because of it.

I don't think there will be significant impact on btc price. What would be the main reason why this hack will really have an effect on bitcoin? Unless those hackers got a huge amount of btc but I don't think they will get big amount here as compared to the available btc in the market. One lesson here though - don't put so much info in your social media channel, always think that if in case your account is compromised, what will the hackers get from your account? You should think of that not only in twitter but all the social media apps that you signed up for.

what about those who haved fall on off to this stunt ? i heard over 120k dollars worth of cryptos are run away by the hackers/scammers   . they did care  , there are also people care but not in a way that they fall for the scam but they care in the form of posting and commenting related to this news   . this stunt is not stupid but its a succesful and its considered as one of the baddest ( bad ass ) scam in the history of twitter and cryptocurrency  . we cant feel the crash of the price right away because they didnt sell off yet

Exactly. The market gave us our answer within a few hours of the hack: nobody cared. Price barely budged at all.

What a stupid stunt. I hope this moron has fun trying to cash out those BTC and looking over his shoulder for the rest of his life.

All these fusses about twitter hack wouldn't have any impact on the price of bitcoin of course some fundamentalist will create unnecessary fear thus facilitates usual dumping usually associated with such an event even if the dump occurs definitely it wouldn't last before the price heads northward, this isn't the first time hacking of his nature had occurred we had several of that in the past with no significant impact on the price of bitcoin.
I also feel concerned about twitter being hacked more to it an insider must be involved a thorough investigation should be carried to reveal those behind the hack and prevent future occurrence while beefing up their security firewalls.

I dont understand the logic behind this. Why would Bitcoin when is uses as it was meant to so as money lose value?  It should have totally no impact. Maybe some positivism since some new people heard of Bitcoin.  

Yeah it does look like a really stupid idea. A domain itself is free and you can get free hosting for a few hours to scam... (I think UK.net is a free one a lot of people already use).

I guess it's more a form of censorship any anything else since you now have to use external links (or maybe it's possible to still post eth addresses as they'd be hard to stop).

I would say that the worst that could happen to drop the price would be the fact that it was once again bitcoin that is used for this and people would basically complain about it so much that governments would have to do something about it to regulate even harsher that could cause the price to drop. However one thing is for sure that act itself won't, the amount is not near enough to actually drop it, I would think that consequences of it could change some stuff but the act is just funny to me.

I mean you are hacking so many important people, just find a better way right? In any case, this was basically a wake up call for many of the people who use twitter to see that this is in fact a scam and from now on a lot less people would be scammed with this method and would be a cautionary tale.

In fact, cryptocurrency has nothing to do with this situation. No one should blame cryptocurrency for being used by scammers. Therefore, I did not expect and do not expect the impact of this situation on the quotes in the cryptocurrency market. But Twitter will have problems anyway, since getting unauthorized access to the accounts of such famous people is fraught with very big problems.

Yes, there is. But I think there is a slight effect on the market price but there is a strong resistance as I can see now.

Bitcoin dominance is really unpredictable and I don't see if there is any correlated the price movement in the market. Despite the massive Twitter scam's high profile account, the price was resisted. Even during the pandemic, the bitcoin price didn't shake too much we have seen improvement even though there are panic sellers and the money that collected in Twitter scams was only small amount that not to worry.

Did it really crashed the price yet? no effect yet as what I can see and I don't think it will crash soon.
The effect to the market was not really big at all, maybe there are people who got scammed but with investors who are knowledgeable, we know they'll never fall for this obvious scam. In terms of amount of scammed, was there a figure already? I'm just curious because when Binance exchange got hack and they lose millions of USD, it seems it didn't move the market.

I think no , the hacking incident that happenen wont crash the bitcoin price but rather it might give some popularity  to other people who do not yet know about cryptocurrency.

I had to listen Sunny Decree to understand what was this twitter scam.
I had some hard time to believe in what I was listening.

People falling for this in 2020?
Bitcoin holders falling for such naive scam?
Give me your coins and you will receive more? This kind of scam?

Time to sell more bitcoin.

Yeah Hackers did not even accumulate 1 bitcoin  in totality so that means they don't succeed in their plans.

and also the twitter company acted fast to prevent more possibilities of scamming.

Yups the action of twitter stops already the possibilities of victimizing.

and also since these people are very popular it is easy to tell people about the situation and about what are to possible solution.

The 30 minute time limit that hackers gave to their victim can possibly be the way to make their victim rush on sending bitcoin to the address but one part of the reality happened is most possible victims has no idea and tried researching how to buy bitcoin but didn't continue because of the complications or their minds changed halfway on the process. I think the twitter scam controversy issue won't affect the bitcoin price too much since there aren't much collected.

Any publicity is good publicity, or so they say. If it was going to crash the price it would of done so already though, like when bchsv & bakkt launched, the crashes were almost immediate (to the day). Also, if the price does crash it's because there's been a "big move" anticipated for weeks with a bearish trend for months coupled with the declining volatility reaching 18 months low. The twitter scam would merely be a catalyst, not the cause.

I wouldn't be surprised to see a catalyst trigger the move down in the near future, but I don't think the twitter scamming will be the cause of it. When WannaCry ransomware occured in May 2017 price mooned from the publicity it seems - even though effectively hackers gaining Bitcoin from ransomware doesn't really paint Bitcoin is a good light what so ever. Arguably this was also considerably different as Bitcoin was already amid a subsantial bull-run, but you'd expect at least some kind of dip if this publicity was bad, therefore clearly it wasn't, and neither was this situation either imo.

This is completely useless. One can just make a website with the address and post the URL on twitter (or one can even make a service for that job).
So all they'll stop is the small giveaways. For now.

I wish they would think a bit before jumping into such "fixes".

Its not the first or last time people will try that type of scam unfortunately.   Its more about twitter and those who believe in free money then anything else.     Actually I was watching Tone Vays and he had the same exact type of scam pop up on his screen.   You dont see the man himself first, you see a con job which attempts to phish his viewers with bad links.    My virus detector had to block it because google advertises scams and cant operate the staff to tell the difference, they havent any oversight in the junk they are running through their Youtube monetization automatic operations.   Im not going to blame Tone Vays, twitter and google are both asleep at the switch; its not the failure of Bitcoin or Ethereum blockchains.


No its not a positive for BTC and we see its being restricted in its display in some way as if its our fault people got root access to twitter accounts.   Similar kind of thing happened on Facebook where they wanted to lock down the discussion of crypto because of excessive 'ipo' type talk and misjudgement there.   I know theres the old saying any publicity is good publicity but crypto is already known well enough and theres no dynamic demonstrated here particularly that informs anybody in a way they werent already aware.   I just count it negatively really, its not a good look.

Yeah I started this thread as I thought the amount of funds going into the address would keep rising as it doubled in about an hour but I think that was just the people testing with it. They also gave a limit of 30 minutes on a few of the tweets and there mightve been a learning curve or other reasons people wouldn't make it in 30 minutes (excluding knowing it was already a scam)..

I do not really think it would crash because there wasn't all that much money sent last I checked. Sure it is a lot of money for one person and he would probably make a good amount of money for his regular life, however it is not enough to crash a whole market. Plus it was silly, you hacked into all the important people in the world and you got that right and you use it for "send me 1 and I will send you 2" type of scam? Dude just create a professional looking website first, some sort of ICO situation, and use that hacking into promoting it. Think about how much more money a professional looking ICO would make profit if you just promoted from famous people instead of doing something so common scam that even though he made money, it was 1% of the potential he could have made.

The impact of twitter accounts hack will not be as severe as if the actual exchange was hacked. We may see a bearish market for next few days but overall this news will spread like a fire in media and many people will come to know about the crypto. This will be a trending topic in twitter and in all the social media for sometime.

Also it isnt really that a high amount of bitcoins that ha been scammed which can cause really a market crash literally.It  would really be the FUD  that had been created but we have seen recently that it didnt
really make out any effect and the price movement that we do see which i do treat it as a normal day movement not totally connecting of with that Twitter scam event.Scammers address would be sure on
hot spot where eyes would be focused but same as you said there they do just let those coins off to be untouched nor wont make any tx for a certain span of time on where people already had
forgotten on what happened.

Here's a development that actually might impact the space. Twitter are removing the ability to post crypto addresses - https://www.theblockcrypto.com/post/71876/twitter-crypto-address-posts

No idea how much legit business takes place through there on that basis but there must be a bit, and considerably more than what these moronic scammers net. Maybe you can still DM them.

And here I thought Twitter was one of the safest out there when it comes to social media application.
I just recently joined in with the need for updates of whatever I will follow.

But with regards in bitcoin being affected because of a Twitter fault.
I doubt it will be that much, or better there will be none.
In the end, it is still an attack with Twitter and they are supposed to have better security with such large industry and still growing.

How come it will be the reason of a dump? the hacker doesn't get any huge volume at as I read the incoming transaction of the said hacker is been block already(Hope I'm not wrong with this) and although it can create a huge upset since the headline of the news is misleading ang it was written that bitcoin scam, but for sure this news will fade on next following days so there's nothing to worry about this incident.

If that really happens, they should be panicked. It's like if that is happening to one of your accounts, whether it's your social account or the other account. You will be panic, and you want to recover as soon as possible. That is a normal thing that every people might do if they know their account gets hacked. Besides that, if that is their real account, they need to explain to the public that they cannot use their old account and create a new account.

Back to the topic.

The responsibility is to come to the media. If the media don't blow up the news and can calm down the public, people will not panic selling because they can see that it's because of the bug from the website so that the hacker can take over the account.

I wonder who is the hacker because that person should have a high-skill to penetrate to the account.

All titles of media articles have bitcoin scam which is kind of misleading though but it really caused the price to be in red for the whole crypto market but I don't think this will cause any crash since most of the accounts are in the process of getting recovered.This should affect twitter more than the cryptos.

I voted no, but as we can see Bitcoin price in the market had a small correction. Probably due to the FUD that recently happened about Twitter hacking last night, there was a panic seller right now that causes a small effect on Bitcoin price. The hacker(s) will probably not cash out the scammed Bitcoin due to the linked address was reported and they are very hot right now, so probably they will let Bitcoin sleep on the wallet on keep splitting into the small amount and move into the different wallet.

Most commonly those panic sellers are those new in cryptocurrency and probably they are one of those victims on Twitter hacked high profile. I think vast majority here are wise enough not to fall on that kind of fraud.

I would not place too much hope in Twitter or rely on its security and objectivity. Many users face problems on Twitter with their accounts and cannot achieve justice and resolve their problems, as even the support team does not respond to requests and emails from their customers. I am one of those people who suffered from this. But even if the problems are of such a small nature that cannot be fixed, then how can you talk about financial issues in relation to twitter and hope for their solution.
But on the other hand, if this event affects the value of twitter shares, then the management will have to reconsider all technical issues and this may initiate the implementation of the blockchain.

As we have seen now most crypto currency price not only bitcoin have been slumped down. And yeah, it was just because the incident.

When the first time I see this incident I just think that bitcoin's price will surge because the effect that will get is many people will now bitcoin at least it is an awareness in this bad economic situation.

I just hope that this incident didn't give a big effect and bitcoin price should be recover as soon as possible. If this continue, I predict that $6000 will be next price that will be reach on this week.

^••^ you're right because greediness was the major caused of these loses of Bitcoin to the hackers. The hackers pretended to be from real owners of the tweeters accounts to broadcast their scam promises to their victims. This should be more reasons while we should be more careful with free gifts from social medias, also, don't send anything to anyone when they request bitcoin or any other cryptocurrency. This has clearly shown that, any account on social medias can be hack, don't fall for things that seem unrealistic.

I feel like some people around here are thinking too far. The hackers filled easily their bags counting on people's greed and stupidity and that was it all.
Yep, it's an ugly breach in Twitter. Yep, it'll be on the headlines for a short while.

And the price... what? First tough step will be to actually sell those coins and withdraw - many exchanges will not allow withdrawal if the address is linked to the hack. So they may not sell in the near future.
And then.. on what world selling 10-20 BTC does anything significant to the price?!
Or you think that the news will scare investors? Why?! It's not Bitcoin that got hacked, it's Twitter.

So.. why don't we talk on the effect of this hack on Twitter shares' price?

This could be an attack from one of the government against the people and Bitcoin. Possibly, this wasn't calculated against those who weren't holding up any stash in bitcoin, they(the hackers) did most of their activities by defrauded in bitcoin. They counted away huge amount of Bitcoin from those who were effected and those who believed in their tweets from the hacked tweeters accounts. As I said, this was a calculated attacks against Bitcoin and not just ordinary attack as many said.

I don't think it'll crash the prices instead create more awareness about the currency. Where some FUD might come in, is when the government uses this opportunity to discredit bitcoin of been a tools just to help scammers get away with crime, and the storyline will be, if this scam was to be executed using other legally recognize currency (AKA centralized currencies piece to of shit) that they could have easily tracked down the scammers.

On the other hand, Jack (CEO of twitter) is a very strong bitcoin (blockchain) enthusiast. What if he uses this disappointing event to work in his favor and pushes for the adoption of blockchain technology by announcing twitter will taking advantage of the blockchain (decentralized) technology, that would be a massive push for the technology and this will definitely affect the price.

its only a scam and the accounts of bill and elon havent really hacked ? why would they be panicked  .

if ever they got hacked , hackers wont transact small but they will send all the money from thier account and this will cause a crash on the price but that is if they hack cryptos  . hacking for different purpose not related to crypto wont affect us here . legit hacking wont lead me to sell my assets but itl make me more interested on them .

For reference:

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.

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!

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.

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.

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:

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...

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.

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.

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.

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.

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.


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.

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.

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.

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.

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


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.

invest in cybersecurity stocks. stock ticker: SFET

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.

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.

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.

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).

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.

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...

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