Twitter Bitcoin Hack Raises Questions on Its Ability to Combat Misinformation

As Twitter grapples with the worst security breach in its 14-year history, it must now uncover whether its employees were victims of sophisticated phishing schemes or if they deliberately allowed hackers to access high-profile accounts.

On Wednesday, some of the world’s most prominent names, including former president Barack Obama and Democratic candidate and his former vice president Joe Biden, along with Bill Gates, Elon Musk and Warren Buffett, had their Twitter accounts post invitations for an apparent Bitcoin scam. Twitter reacted by blocking further posts from all verified accounts on the service and said it had detected “a coordinated social engineering attack by people who successfully targeted some of our employees with access to internal systems and tools.”

The company’s explanation has ignited speculation over the identity of the perpetrators and what they were actually targeting in the attack. The scale of the endeavor and its timing — months before the November U.S. elections — have prompted some cybersecurity experts to theorize that the attack masked a more nefarious campaign to seize sensitive data.

In its investigation of the incident, Twitter will now likely focus on employee logs, email and phone records. At question will be any failures in authentication processes that might have allowed hackers to hijack verified accounts, and also what other information, such as direct messages, might have been compromised in the breach. The Bitcoin wallets promoted in the tweets collected around $120,000 in cryptocurrency.

Twitter shares were down about 3% Thursday morning in New York

Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm

QUICKTAKE ON SOCIAL:
Follow QuickTake on Twitter: twitter.com/quicktake
Like QuickTake on Facebook: facebook.com/quicktake
Follow QuickTake on Instagram: instagram.com/quicktake
Subscribe to our newsletter: https://bit.ly/2FJ0oQZ
Email us at quicktakenews@gmail.com

QuickTake by Bloomberg is a global news network delivering up-to-the-minute analysis on the biggest news, trends and ideas for a new generation of leaders.

About This Source - Bloomberg QuickTake News

QuickTake is a series by Bloomberg which is tagged “Global news the world needs today.” Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake News:

  • Kitty-Cams show Cape Town Cats Hunting for More Than You Might Expect
  • LIVE: Federal Judge Blocks U.S. Postal Service Changes That Slowed Mail | Happening Today
  • How Taiwan Plans to Go 5G Without China
  • In This Story: Barack Obama

    Barack Obama is an American politician and attorney who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, Obama was the first African-American president of the United States. He previously served as a U.S. senator from Illinois from 2005 to 2008 and an Illinois state senator from 1997 to 2004.

    Obama left office in January 2017 and continues to reside in Washington, D.C.

    Books #Ad

    3 Recent Items: Barack Obama

  • China Applies to Join CPTPP Trade Deal
  • Gavin Newsom Wins California Recall Election
  • If You Punk Drew Barrymore You Will Pay
  • In This Story: Bitcoin

    Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. Bitcoin was the first decentralized cryptocurrency.

    4 Recent Items: Bitcoin

  • Bronze Statue Honoring Bitcoin Founder Unveiled in Hungary
  • Microstrategy’s Michael Saylor Doubles Down on Bitcoin
  • El Salvador Protesters Burn Down Bitcoin ATM
  • Keiser Report | The Coming Great Deflation | E1750
  • In This Story: Cryptocurrency

    A cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.

    Bitcoin is the first decentralized cryptocurrency. Since the release of bitcoin, other cryptocurrencies have been created.

    4 Recent Items: Cryptocurrency

  • ‘Bloomberg Surveillance: Early Edition’ Full Show (08/10/2021)
  • Coinbase President: Infrastructure Bill Is a ‘Setback’
  • AMC CEO on outlook: AMC will get quite involved in cryptocurrency
  • LIVE: CNBC TechCheck’s Deirdre Bosa chats with FalconX CEO Raghu Yarlagadda — 8/10/21
  • In This Story: Elon Musk

    Elon Reeve Musk FRS is a business magnate, industrial designer, engineer, and philanthropist. He is the founder, CEO, CTO and chief designer of SpaceX; early investor, CEO and product architect of Tesla, Inc.; founder of The Boring Company; co-founder of Neuralink; and co-founder and initial co-chairman of OpenAI.

    5 Recent Items: Elon Musk

  • SpaceX’s 1st all-civilian crew provides update from orbit | LIVE
  • Morgan Stanley auto analyst presents his bull and bear case on Tesla
  • Why Ron Baron Is a Big Believer in Elon Musk
  • Bloomberg Wealth with David Rubenstein: Ron Baron
  • First space flight carrying civilians, launches | 9 News Australia
  • In This Story: Joe Biden

    Joe Biden is an American politician serving as the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 under Barack Obama and represented Delaware in the United States Senate from 1973 to 2009.

    He is married to Dr Jill Biden.

    Books by Joe Biden #Ad

    6 Recent Items: Joe Biden

  • Judge Jeanine: This is how terrorists are made
  • Will sanctions threat end the conflict in Ethiopia’s Tigray? | Inside Story
  • France recalls ambassadors to US, Australia over AUKUS submarine deal | DW News
  • Milley Defends China Calls After Book Cites Alarm Over Trump
  • UN Secretary-General on Climate Change, Afghanistan, U.S.-China
  • COVID-19: FDA panel backs Pfizer booster only for 65+, high-risk Americans
  • Leave a Comment

    We don't require your email address now, just your name. BUT, if you do add it, you may be notified if there are replies to your comment. Please make respectful comments, which add value, and avoid personal attacks on others. Comments failing to adhere to these guidelines will not be published.