In a recent Bitcoin scam, major US twitter accounts were reported to be hacked.  Request for donations in donations are happening from the official accounts of Barack Obama, Joe Biden and Kanye West. Also, from accounts of Billionaires Elon Musk, Jeff Bezos, Bill Gates and lot more.

The BBC reported a hacked tweet account which poses as Gates stating, “Everyone is asking me to give back, you send $1,000 and I send you back $2,000.”

The company investigations are ongoing.  Such events are happening despite all proactive steps!

Sydney Ifergan, the crypto expert tweeted:  “The pandemic seems to have starved Bitcoin scammers.  They are looking to make money somehow! And the somehow is not good.  Probably, this is a downside in cryptocurrency and we need to agree whether BTC or any other crypto.”

Jack Dorsey, tweeted:  “It is a tough day for us at Twitter. We all feel terrible it happened.”

All of these things happening from verified status accounts does not feel good.  Middle of the crisis it feels more horrible than ever.

Of note, Twitter used to be denying password resets and prevented some status verified accounts from Tweeting altogether.  The reasons seem to be unfolding. We remember, David Schwartz, Ripple CTO complaining about his status with Twitter a few days ago.

Bitcoin (BTC) Worthless if Scams Persist

The Twitter scammers are asking for BTC to ensure they think it does not leave any trace behind.  This is a true privacy test for the network.  If things are going as worse as this with no protection for top status verified accounts like leaders, celebrities, famous businessmen, and companies, very soon there is going to be a technology which will disrupt all the privacy drama of the Bitcoin decentralized network.

Any system that poses a security threat and makes it impossible to track the wrong doers is indeed a threat irrespective of what good it has got to offer.  Developers and financial institutions are not going to sustain this drama if it prolongs for too long.  Scam is not a reason to say no to depositors.

This is where the power of centralization comes in to play.  It just feels like all the extra price paid is worth the security facilitated by centralized system.  Something needs to be done.  If it is not possible for people to trace back the wrong doers the system is not worth all the million dollars it calls for!