{"id":355,"date":"2020-10-14T15:44:12","date_gmt":"2020-10-14T15:44:12","guid":{"rendered":"https:\/\/thenextweb.com\/?p=1323399"},"modified":"2020-10-14T15:44:12","modified_gmt":"2020-10-14T15:44:12","slug":"ny-watchdog-attacks-twitter-over-jarringly-easy-bitcoin-scam-hack","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=355","title":{"rendered":"NY watchdog attacks Twitter over \u2018jarringly easy\u2019 Bitcoin scam hack"},"content":{"rendered":"\n
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The New York Department of Financial Services (DFS) has called on the government to regulate social media giants in response to July\u2019s dramatic Bitcoin-themed Twitter hack.<\/p>\n

\u201cGiven that Twitter is a publicly traded, $37 billion technology company, it was surprising how easily the [h]ackers were able to penetrate Twitter\u2019s network and gain access to internal tools allowing them to take over any Twitter user\u2019s account,\u201d said the DFS in a report published<\/a> Wednesday. <\/span><\/p>\n

The DFS urged policymakers to consider regulating social media giants for their cybersecurity on top of antitrust matters and content moderation processes. This would bring Twitter and Facebook in line with critical infrastructure such as utilities, telecoms, and finance.<\/p>\n

Twitter stock slipped up to 2% in the moments after release of the DFS report, but so had the tech-heavy NASDAQ 100 index.<\/p>\n

Social media hackers could influence markets, says the DFS<\/h2>\n

Back in July, hackers leveraged accounts belonging to major celebrities like Barack Obama and Elon Musk to promote a \u201cdouble your Bitcoin\u201d scam in an attack that lasted hours. The DFS\u2019s own Twitter account was also reportedly compromised.<\/p>\n

Two weeks later, authorities arrested<\/a> an alleged 17-year-old Florida teen mastermind and two others, reportedly slapping the former (as an adult) with 30 felony charges including fraud. He\u2019s had one court appearance<\/a> so far, which reportedly faced constant interruptions by porn-peddling Zoombombers posing as CNN and BBC News employees.<\/p>\n

Related Bitcoin BTC<\/a> wallet addresses suggest the hackers managed to swindle roughly $110,000 from unsuspecting users.<\/p>\n

\u201cThe implications of the Twitter Hack extend far beyond this garden-variety fraud,\u201d said the DFS. \u201cThere are well-documented examples of social media being used to manipulate markets and interfere with elections, often with the simple use of a single compromised account or a group of fake accounts. In the hands of a dangerous adversary, the same access obtained by the [h]ackers \u2013 the ability to take control of any Twitter users\u2019 account \u2013 could cause even greater harm.\u201d<\/p>\n

[Read: Everything we know about how Twitter\u2019s biggest hack went down<\/a>]<\/em><\/p>\n

For what it\u2019s worth, the market did<\/em> react to the attack; Twitter stock opened 4% lower the following morning, representing $1 billion in market value lost.<\/p>\n

However, Twitter\u2018s share price quickly recovered throughout the course of the day\u2019s trade. It remains more than 40% up for the year, tracking just ahead of the NASDAQ 100.<\/p>\n

\u201cThe Twitter Hack demonstrates, more than anything, the risk to society when systemically important institutions are left to regulate themselves. Protecting systemically important social media against misuse is crucial for all of us\u2013consumers, voters, government, and industry. The time for government action is now,\u201d concluded the DFS.<\/p>\n

Published October 14, 2020 \u2014 15:44 UTC <\/p>\n

Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The New York Department of Financial Services (DFS) has called on the government to regulate social media giants in response to July\u2019s dramatic Bitcoin-themed Twitter hack. \u201cGiven that Twitter is a publicly traded,…<\/p>\n","protected":false},"author":1,"featured_media":356,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/355"}],"collection":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=355"}],"version-history":[{"count":0,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/media\/356"}],"wp:attachment":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}