The Twitter hack was over just after an hour or so but its extend was so great that it resulted in damages to Twitter, Bitcoin's price, and $123,000 of Bitcoins extracted by scammers from the fake giveaway. The amount they managed to acquire was probably less than what they expected as most of the cryptocurrency world is aware of similar fake giveaway practices that go on for almost three years now on youtube.
It seems that this hack might not be from the same team that hacks popular youtube accounts, changes account names and information, and posts fake live giveaways to thousands of unaware users of Youtube. The wallets seem not connected although we will be waiting for chain analysis companies to track addresses and reach a conclusion in this matter.
Blockchain Analysis - Image Source
Let us not forget that the Twitter hack came just a month after US politicians accused the private company of being biased and one-sided when they blocked tweets from the US president. Anyway, this could be unrelated as the fact that certain bot-nets are exploiting social media and creating fake news while promoting silly arguments of Bill Gates having a reptilian agenda to destroy the world with vaccines.
Sometimes to understand what is happening in your country you need to learn the news from sources outside of it. I hope the US begins doing that at some point as their networks are manipulating their public for far too long (Remember WMDs?). You still don't know that but no one else outside the US was convinced that Iraq didn't own any. There were major protests against the Iraq invasion all over the world, yet the US news was all about WMD disinforming the population. The massive bombardment of propaganda makes even an intelligent and educated population succumb to something that is a blatant lie.
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Anyway, I am not convinced that the Twitter hack was just about scamming a few naive Bitcoin investors. The Bitcoin account of the fake giveaway has ties to Coinbase so the exchange will obviously co-operate with authorities and try to connect the dots. We have a chance to figure out if the Coinbase strict KYC system works or it was manipulated by the hackers and does not contain the real identity and private data.
We have a chance to connect this event with future Twitter announcements and observe if certain agendas will be pushed inside the company. The Twitter website's price dropped by 2,5% and recovered the next day, meaning that investors are not concerned about hacking, identity theft, massive scam attempts, protection of private data, centralization, etc. The price of a cryptocurrency would dump by 30-40% in a similar case.
I don't understand how investors think. The stock market is a total joke lately and judging by GDP growth projections the stock market is completely off track. We are in a worldwide recession and stocks are making new highs.
Tesla's price skyrockets while sales will be down by 35-40% and factories will shut down. Elon Musk knows this and expects Tesla to be hit hard at some point:
Source: Twitter
Elon Musk is a person that everyone loves, especially in the cryptocurrency space and he is highly intelligent. He gave the world a vision to colonize Mars, something governments are not even considering. I think that no one wishes his companies to go down and I wouldn't want this either. The problem is that a recession is followed by trouble and we should be expecting it.
Twitter got massively hacked, pointing to deep security issues and still investors (or trading bots) are sticking to short term bullish. 120 accounts were hacked and data was leaked. Bitcoin image suffers and media are once again linking cryptocurrencies to criminal activities and hackers.
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Twitter has grown a lot through the years and mainstream media private or public they grow in power as well as numbers. They have a thousand pages TOS which some of their administrators think that every user is obliged to spend 20 hours reading and perhaps remember all of their rules. They block and ban accounts on a whim just because someone with power reports them.
Back in 2018 my account from 2010 having 10,000 followers (mostly followers from the crypto world) was permanently banned after posting LOL gifs on ridiculous statements coming from self-proclaimed Satoshi, Dr. (plagiarised thesis) Craig Wright as well as Nouriel Roubini. So someone famous with power can post any bullshit on Twitter, and any rational person that disagrees gets banned like that. This is Twitter. I never managed to unsuspend my account. Got a different excuse each time I tried. It was proven to me that Twitter is an Orwellian Dystopia.
Twitter Censorship - Image Source
Jack Dorsey wanted to push the decentralization of Twitter with the use of blockchain. I don't actually know how this can be possible but I'm certain that this event will help him push this agenda. What is certain is the need to protect our identity and provide no private information at all to any online services be it social media, crypto exchanges, or anything else. Total anonymity is almost impossible, but we need to strive and make it as hard as possible for any criminal to record our private information on their databases.
