The recent Twitter hack has placed the words “Bitcoin” and “scam” in one headline again, though Bitcoin has nothing to do with it.
Bitcoin (BTC) has made global headlines again because of the recent Twitter hack, but this time, we need to work harder to protect Bitcoin’s integrity and the progress the industry has made.
The coordinated social engineering attack compromised the Twitter accounts of high-profile figures and organizations like Microsoft co-founder Bill Gates, Tesla founder Elon Musk, Amazon owner Jeff Bezos, former United States President Barack Obama and 2020 US presidential candidate Joe Biden, among many others, to ask for Bitcoin in fake “giveaway” posts.
When the story broke, the New York Times, BBC and other mainstream media outlets were quick to label the incident a “Bitcoin scam” or “crypto scam.”
To have “Bitcoin” and “scam” used in the same breath in the global media may feel like all the work that’s gone into building trust for this revolutionary technology since its creation in 2009 has been for nothing.
This is even more reason why companies and their communication teams must turn the publicity Bitcoin is getting now into a positive for the industry.
Set the record straight: Bitcoin is not to blame
The first point to clarify with the media, friends, family and newcomers is that this is a high-profile Twitter hack.
This is not a “Bitcoin hack,” not a “Bitcoin Twitter hack” nor even a “Twitter Bitcoin hack” — as described by The Evening Standard and even Wired — because Bitcoin did not get hacked, nor did Bitcoin cause the hack.
It’s even more concerning to see The Late Show with Stephen Colbert describe the hackers as “Bitcoin Bandits,” when the motives of the hackers have not been confirmed.
Twitter is a centralized organization; it holds all users’ data and accounts in one place.