Top executives’ notions on Elon Musk’s twitter rampant over cryptocurrency scams

Elon musk imposters have been hijacking verified Twitter accounts to promote bitcoin scams. A few verified accounts on Twitter were hacked as part of a scam to steal bitcoin from unknown mopes by utilizing Tesla CEO Elon Musk’s name, and reportedly made off with at least $180,000.

Bitcoin scammers on Twitter seem to have worsened the situation, with news erupting as the hackers went on aggressively to have control over prominent verified accounts such as Google Suite, Universal Music CZ, Target, the Office of the United Nations High Commissioner for Refugees, Toledo Athletics and The Body Shop etc.

These accounts were compromised to promote a scam for 5000 Bitcoin, which translates to upwards of $30 million.

As per Thomas Schouten’s commentaries on this news, who is the head of marketing at Lisk, the blockchain applications platform which will allow users to code and build in JavaScript,: 

“Traditional venture capital (VC) investment in blockchain and crypto firms came close to tripling in the Q1 to Q3 of 2018, an indication of the maturation and the growing confidence in the space despite the regulatory uncertainty.

While steady progress is being made, the industry sorely needs a robust regulatory framework to allow the sector to evolve past its current problems, one of which is the variety of online scams.

Instances of crypto scams such as the hijacking of Tesla founder Elon Musk’s verified Twitter account further underlines the importance of having proper legal investment avenues in place. The reality is, those behind these hijacking efforts have identified this as a solid strategy to swindle users out of their own money. Proper frameworks and a strong focus on education is needed to ensure the investment decisions of online users are well-informed and the process secured, as opposed to purely speculative and senseless. A clear regulatory landscape can help to mitigate the risk of such twitter scams, while also broadening the understanding of the technology among the wider crypto community, as well as those on its periphery.”

While Craig Mc Gregor, CEO and Co-founder of DSTOQ, a licenced, borderless stock exchange allowing for peer-to-peer trading of tokenized securities, said:

"In a world where our financial well-being is increasingly dependent on technology, the hijacking of verified twitter accounts, including that of Elon Musk, illuminates the need for surety and security, not least in having safe investment options. The evolution of blockchain presents society with a whole host of options for the new economy that help bypass many existing dangers when making financial decisions. Licensed decentralized crypto exchanges are one such obvious, legally compliant, secure investment alternative with real disruptive potential.

By removing the need for a third party, decentralized exchanges allow users to have more control over their transactions and full ownership history of the issuer’s assets are stored on the blockchain. Over time, I believe users will experience increasing ease-of-access to the growing ecosystem of compliant decentralized financial tools. We live in an era where control over one's own information is more important than ever, and we have the capacity to act to protect it today.”

The hackers’ effort might have been efficacious, it netted about 28 bitcoins that approximately summed upto $180,000, owing to bizarre volatilities of bitcoin, but it drives the importance of stringent regulated and legal frameworks of the investment into the mainstream adoption of cryptos and blockchain space.

Currency Strength Index: FxWirePro's hourly BTC is inching at -148 (which is bearish), USD spot index is flashing at 84 levels (which is bullish), while articulating (at 11:55 GMT). 

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