Bitcoin

“Twitter hacking a harbinger of a bitcoin hack?”

Peter Schiff, well-known gold optimist and cryptocurrency critic, He wonders if the recently verified Twitter profile hack is “an omen that Bitcoin is being hacked”.

In one Tweet 16th of July Schiff mentioned yesterday the massive hacking of verified Twitter profiles that were used to advertise a Bitcoin scamThis further suggests that this could be the prelude to a hack on the cryptocurrency itself.

Twitter hacking has nothing to do with Bitcoin security

Pavel Luptak Co-founder of the Czech cryptocurrency community center Parallel Polis and Hackers Congress Prague- He told Cointelegraph that the Twitter hack and the possibility of compromising the Bitcoin network have no connection:

“It’s a Twitter hack, not Bitcoin. Bitcoin was just a way to get people to ask for money. Of course, it can be a reputation problem for Bitcoin (I hope some crypto exchanges will start putting these bitcoins on blacklisted. “Stolen.) But it is mainly a major reputation problem for Twitter as it is unable to protect its users’ accounts. “

“Twitter hacking a harbinger of a bitcoin hack?”
“Twitter hacking a harbinger of a bitcoin hack?”

As Luptak emphasized Bitcoin was just a means of value transfer that hackers used to trick their victims. As some community members emphasized in the Twitter thread, the scammer’s decision to use Bitcoin was probably due to the inability of the authorities to censor and reverse Bitcoin transactions.

The irreversibility of the transaction is a highly valued trait of Bitcoin, and many believe that this is the basis of its value. It should also be noted that although Bitcoin appreciates this feature by fraudsters, other systems have been used in the past.

Luptak said: “You must know that most fraudsters in history have used fiat money. […] This is not a bitcoin problem. Any currency can be used for fraud. “

Hacking Bitcoin is difficult

In addition, Luptak stated that “Bitcoin has a decentralized protocol, thousands of nodes, everything is transparent and verifiable. “All of these features make it much more difficult to hack the network than Twitter.

Although the attacks on the Bitcoin network – like a 51% attack – They are theoretically possible and are generally considered to be incredibly difficult, so that they would prevent any potential hacker from trying it at all.

Bitcoin was introduced in 2009 and so far no hacker has stolen a currency online. Luptak recommends:

Be curious about social engineering scams and of course [tengan en cuenta que] nobody gives them anything for free. “

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