Hacking Twitter showed bitcoin in a negative way

Hacking Twitter showed bitcoin in a negative way

  • Hacking Twitter will negatively affect the image of cryptocurrency

  • Trials between Twitter and Donald Trump ahead

  • Exchanges are sufficiently protected from fraudulent attacks

International consortium of news organizations developing transparency standards.

The large-scale attack on Twitter negatively affected the image of cryptocurrencies and bitcoin in particular. Crypto-skeptics have once again stated that the digital currency market is one big scam. How the hacking of one of the most popular social networks in the world affected Bitcoin, BeInCrypto asked the founder of the Garantex cryptocurrency exchange Sergey Mendeleev.

Hacking Twitter showed bitcoin in a negative way

– How account hacking will affect the price and behavior of bitcoin?

CM.: I do not think that the hacking will in any way affect the price of bitcoin, although there are opinions that such events can negatively affect the cryptoindustry as such, because the news of a large-scale hacking of Twitter accounts turned out to be truly global, and hundreds of millions of people learned the word bitcoin in negative key. Nevertheless, as practice has shown, for a cryptocurrency everything that is not an obituary is already PR.

– Do you link the hacking of Twitter accounts with Donald Trump’s statement of tight regulation of social media?

Hacking Twitter showed bitcoin in a negative way

CM.: Interest Ask. Now all the accents have already been shifted from personalities and the very fact of the hack to the publication of the administrative control panel of the social network Twitter, which allows you to handle user accounts quite freely. And this, according to US laws, turns it from an ordinary Internet resource, albeit a gigantic one, into an already full-fledged media resource, to which the corresponding regulation is applicable. And here the Donald Trump administration, of course, will not let go of its own. I am sure Twitter will face serious litigation on this issue. And here, inevitably, you become a conspiracy theorist: who needed this hack? It’s so stupid to get access to the world’s largest media and use it to earn a hundred thousand dollars, agree?

– What actions can exchanges take to improve protection against remote attacks?

CM.: The development of security systems at crypto-exchanges depends little on hacking of Twitter accounts, and without these attacks on social networks, crypto-exchanges pay great attention to security, reflecting and preventing possible malicious actions. Any exchange must differentiate between access to assets. Where automated access is concerned, minimum funds should be included. The hot reserves, to which operators only have manual access, may already hold larger assets. Well, only a few people should have access to cold wallets, on which the bulk of assets and reserves are concentrated, preferably through the use of multisig signatures. Any system can be hacked, the only question is that the cost of hacking should exceed the potential benefit and make it unprofitable.

– Thank you for the interview!


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