Category Archives: Cryptocurrency/block chain

Twitter’s lack of security comes into focus

The extraordinary hacking spree that hit Twitter on Wednesday, leading it to briefly muzzle some of its most widely followed accounts, is drawing questions about the platform’s security and resilience in the run-up to the U.S. presidential election.

Twitter said late Wednesday hackers obtained control of employee credentials to hijack accounts including those of Democratic presidential candidate Joe Biden, former president Barack Obama, reality television star Kim Kardashian, and tech billionaire and Tesla founder Elon Musk.

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Wednesday’s hack was the worst to date. Several users with two-factor authentication — a security procedure that helps prevent break-in attempts — said they were powerless to stop it.

“If the hackers do have access to the backend of Twitter, or direct database access, there is nothing potentially stopping them from pilfering data in addition to using this tweet-scam as a distraction,” said Michael Borohovski, director of software engineering at security company Synopsys.

In 2010, Twitter reached a settlement with the U.S. Federal Trade Commission after it was found the company had lied about efforts to protect users’ information during an extended hack the year before.

Under the terms of the settlement, Twitter was barred for 20 years from misleading users about how it protects the security and confidentiality of private information.

Source: Twitter hack alarms experts already concerned about platform’s security – National | Globalnews.ca

Many Twitter accounts hacked as part of massive crypto currency fraud

Update: There appears to have been  a massive hack on Twitter involving many hundreds of accounts, if not more.  According to BNO News, this hack impacted accounts of corporations, politicians, celebrities and more as part of a digital currency scam.

As I no longer use Twitter very much, this sort of security breach might cause me to delete my Twitter account.

Tesla CEO Elon Musk’s Twitter account, which is his preferred method of public communication, got hacked today as part of a massive crypto scam. For years now, Musk’s popular Twitter account with more than 30 million followers has been a target of cryptocurrency scammers trying to make money off his followers by creating accounts that […]

Source: Tesla CEO Elon Musk’s Twitter account gets hacked as part of massive crypto scam – Electrek

Recent cryptocurrency investors lost a lot of money

When Bitcoin rapidly rose towards $20k and above last winter, the bubble’ish nature of the market was obvious. Yet cryptocurrency pushers were insisting it would rise as high as $2 million per bitcoin.

A teacher put $90,000 in cryptocurrencies, including a $25,000 loan. Her investments are now down about 90%. A financial analyst invested $100,000 of his savings. His investments are down 70%. The New York Times reports on the bitcoin bust.

Source: After the bitcoin boom: hard lessons for cryptocurrency investors 

Other than reading the original technical paper on using block chains to implement currency, I have not spent much time on cryptocurrencies.

I definitely see the value of block chain technology and I understand how a currency based on block chain can work. But I was confused as to how a particular cryptocurrency would retain value when two hundred new cryptocurrencies were being introduced into the market, flooding the market with digital medallions.

The mania seemed like the Dutch tulip bubble.