July's Twitter hack and bitcoin scam should impel corporates and even governments into more forcefully counteracting the "weaponization" of social media giants, the New York State Department of Financial Services said Wednesday.
- Researchers were troubled the hackers (allegedly teenagers) could break into Twitter, co-opt major accounts and spread a scam using only "basic techniques."
- The hack, whose backers launched a double-your-money bitcoin scam, only netted $118,000 in crypto. But it brought Twitter "to its knees" and in so doing exposed its inadequate security mechanisms, NYDFS said.
- NYDFS said governments and regulators should bolster their cybersecurity safeguards, treat cyber as "critical infrastructure" and closely monitor "systemic threats" against the social media giants.
- "The time for government action is now," NYDFS said.
This is a developing story.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.