Peter Schiff's Twitter Account was Hacked just a Few Days After he Launched his Bitcoin NFT

Peter Schiff’s Twitter Account was Hacked just a Few Days After he Launched his Bitcoin NFT

A well-known finance personality, Peter Schiff, who is known for his negative stance on cryptocurrencies, has fallen victim to a Twitter hack. The hacker had taken over Schiff’s Twitter account and tweeted a link to a phishing site, promoting a fake $GOLD coin scam. The news of the hack was first reported when Schiff’s Twitter account was found to be promoting the fake Gold coin scam. Schiff’s son, Spencer Schiff, has warned his father’s followers not to click on the link in the tweet.

Peter Schiff is a prominent critic of cryptocurrencies, particularly Bitcoin, whom many people acknowledge. He has repeatedly conveyed his dissatisfaction with Bitcoin and other cryptocurrencies, referring to them as a “bubble” and a “Ponzi scheme.” Schiff is also a passionate advocate of gold as an investment, arguing that it is a more stable and reliable store of value than cryptocurrencies..

Schiff’s Response to the Hack

This recent cyber attack happened not long after Schiff introduced his Bitcoin NFT, which was met with criticism from the crypto community. Schiff has been a vocal opponent of cryptocurrencies, particularly Bitcoin, and has often expressed his negative views on various social media platforms. This event has raised concerns about the security of social media platforms and the possibility of further attacks on high-profile individuals.

Schiff has suggested that these Twitter hacks, which targeted verified profiles, could be a sign of a potential cryptocurrency hack. In a tweet, he asked whether the recent Twitter hack could be a precursor to an attack on Bitcoin’s network. However, experts have dismissed Schiff’s theory, stating that the Twitter hack and the possibility of a breach in Bitcoin’s network are two separate issues.

Rise of Crypto Hacks 

Over the recent years, there has been a significant increase in crypto breaches leading to the loss of billions of dollars’ worth of virtual currency. In 2021, users lost over $20 billion in cryptocurrency, while in 2022, digital assets worth $3.8 billion were stolen from various services, majorly due to hacking activities associated with North Korea. The DeFi protocols were the primary targets of the hackers in 2022, with a total of 82.1% of all stolen cryptocurrency coming from these protocols.