After personalities „ask“ Bitcoin in the social network, authorities keep an eye on cyber security.
The fateful 15th of July 2020 will be remembered by Twitter as a regrettable episode. After a breach in its security, now the USA can regulate Twitter, asks the DFS.
That’s because teenagers invaded the social network and asked Bitcoin Code for followers of several accounts. The accounts did not belong to any user, because even the US presidential candidate, Joe Biden, came asking for Bitcoin for his followers.
The hackers, however, ended up caught after investigations even by the FBI. With the case under investigation the authorities now certainly struggle to understand how it all happened.
The digital security of Twitter is now being questioned, and rules against social networking should be implemented.
After Bitcoin’s hack, USA can regulate the social network Twitter: serious security flaws
On July 15, 2020, as shown by Livecoins, Twitter was the target of a hacker attack. On that occasion, a 17-year-old hacker and his accomplices invaded profiles of personalities on the social network.
After the successful invasion, they started asking Bitcoin for the followers of these profiles. The case was in fact a coup, which ended up hitting some users.
„For several hours, the world watched as the Hackers carried out a public cyber attack, seizing one high-profile account after another and tweeting a „double your bitcoin“ scam, said the DFS of the US
A few months later, this Wednesday (14), the DFS of the USA asks the country to regulate Twitter. That’s because, the New York Financial Services Department believes that Twitter could not control the incident.
In a report released to the public, the DFS stated that U$ 118 thousand were stolen in Bitcoin. The value, even if voluminous, could be much bigger, since the social net had difficulties to control the hack.
As it has 36 million users in the USA, about 20% of the country’s population, the DFS asks for interventions. The fear is that even the result of the elections will be affected by hacks like this.
Fear that the election will be rigged in the US and even market manipulation
In its report, the DFS made it clear that the technique used by hackers was not sophisticated. In other words, new attacks like this could occur again in the famous social network.
Thus, the DFS fears that new hackers will appear and may thus manipulate elections or even markets. For the U.S. public agency, social networks have been neglected, but they must remain so.
„Our public institutions must evolve to keep up with new types of systemically important systems, such as social media. The need for a new regulatory framework is clear,“ said DFS
To conduct the task, the DFS believes that a new regulatory agency should be built for this market. The intention would be to create a social media regulator, which besides fighting against hackers, would also fight against fake news and cyber security.
The U.S. elections that elected Donald Trump in 2016 were marked by accusations of electoral manipulation, with help from Facebook. It seems that the new episode of hacking on Twitter is expected to bring more news soon.
With the pressure on the social network, Twitter’s actions (TWTR) continue to drop by 2% this Wednesday.