For five hours, all of Twitter became Crypto Twitter.
Yesterday, one of the biggest digital hacks in recent memory went down. A hacker, , gained access to Twitter’s administrative functions and began a crypto-scam campaign. Some of the world’s most notable accounts on the site started offering to double their investments if they sent funds to a Bitcoin wallet.
It’s the type of scummy behavior that Twitter promised to address . A federal examination is likely. So, too, is a permanent stain on Twitter’s reputation. What’s unknown is how this incident will affect perceptions of Bitcoin, blockchain and the crypto space, which is once again thrown into the news cycle for all the wrong reasons.
CoinDesk convened a panel of experts to discuss what the long and short term consequences of this scandal may be for crypto, and whether it’s a watershed moment to finally decentralize our social media.
Their responses have been edited and condensed.
Will this increase the attention to bitcoin be good for crypto in general? Or will this attack/taint the image of bitcoin?
Lulla: I believe there are some positive benefits to Bitcoin. Anyone who works in crypto got messages from friends and family asking what the scam is all about. They were curious to know when they saw the word Bitcoin on TV. So maybe this is an opportunity for us to explain how Bitcoin works. We can outline that this isn’t a Bitcoin scam and it was not hacked; Twitter got hacked. Obviously it is going to increase attention, though whether that’s good or bad is up in the air. These little things shouldn’t really affect the fundamentals of Bitcoin.