Lawmakers Are Target Lax Cybersecurity And Not Bitcoin In The Aftermath Of The Twitter Hack

This piece of news highlights the lax cybersecurity. Bitcoin is not to be blamed for the recent twitter hack. Experts point to a lapse in cybersecurity to be the main reason. 

Lawmakers Are Target Lax Cybersecurity And Not Bitcoin In The Aftermath Of The Twitter Hack

What Are The Experts Opinion On The Recent Twitter Hack?

Looking to consolidate bitcoin mining in Russia was Binance and ConsenSys comes to be accused of stealing intellectual property as a celebrated comic book artist that will be hawking his wares on the Ethereum blockchain. 

Top Shelf

The Mining Consolidation

Targeting to consolidate more bitcoin mining hash rate, Binance has its pool in Russia as well as the Central Asia region where the world’s largest crypto exchange is deploying what is found as a physical server node for the pool at BitRiver as the largest bitcoin mining hosting provider in Bratsk, Russia. The two firms said in an announcement on Friday, that the move would thereafter give miner owners at BitRiver choosing to switch to Binance as a better connection and direct route to the mining pool. Bitcoin would in return gain exposure and access to the customers who run their machines at BitRiver currently operating mining facilities at a capacity of 70 megawatts out of the potential capacity of 100 MW. 

Now ConsenSys Is The Accused

The Ethereum incubator ConsenSys in a new lawsuit accused it of abusing the position of trust as an investor with access to trade secrets and creating a rival offering. Furthermore, it was observed that the payments app, BlockCrushr had received a $100,000 investment from ConsenSys which is with 20 in-depth discussions with the incubator as the start-up says the intellectual property was misappropriated building ConsenSys‘s payment system Daisy Payments since it was rebranded to CodeFi. Filing two counts of misappropriating trade secrets and one count of a breach of contract were the plaintiffs suing for damages. 

Why Is CBDC In Action?

Confirming already that it is using a central bank digital currency, CBDC, is a senior figure at the Bank of Thailand for the transactions with some businesses. The central bank’s assistant governor, VachiraArromdee told reporters on Wednesday that the banks have plans to expand the use of the digital currency among large businesses as reported by The Nation. Also, it was unclear what businesses are already using the digital currency as the transactions with the Hong Kong Monetary Authority will be conducted with the CBDC from September as Arromdee confirms. 

The Blockchain Blueprint

Releasing a blueprint, Beijing has plans to become a blockchain hub by 2022 as the 145-page details 12 potential areas for the blockchain implementation, which include airports, customs, and small businesses as Decrypt reports. Supporting local blockchain start-ups the municipal government aims to create a fund dedicated to it and The Block reports that 140 government services are thereby already using blockchain applications including data sharing, collaborative business management, and electronic certifications. 

In This Situation, We’re All Comics In Crypto

It was found that Jose Delbo the noted comic book illustrator is releasing those of the limited-edition art on MakersPlace which is a blockchain-powered market for the rare and collectible digital art later this month including 250 copies of a digital comic book as also the one-of-a-kind digital Superman artwork by Delbo. Using Ethereum to verify the artworks and provide the digital signature from Delbo is the MarketPlace as it also hosts a chat in Decentraland. 

It's Twitter And Not The Bitcoin

Lawmakers are blaming lax cybersecurity and not Bitcoin in the aftermath of the Twitter hack as Twitter says following the hack that affected 130 accounts, Sen. Josh Hawley the vocal critic of tech platforms fired off the open letter to CEO Jack Dorsey. 

Hawley commented on the event that it may represent not merely a coordinated set of separate hacking incidents but rather a successful attack on the security of Twitter.

Aiming for Twitter’s architecture was also Sen. Ron Wyden where he sounded off on the fact that users’ direct messages lack end-to-end encryption in a statement. 

Wyden claims that as this is a vulnerability lasting for far too long, then there is one that is not present in other competing platforms, and as the hackers gained access to the users’ DM then the breach is thereby a breath-taking impact for years to come. He further revealed that he had met with Dorsey privately in 2018 discussing the implementations of the privacy feature. 

As it was found the hack only made off with approximately $120,000 persisting as a lasting blight on the centralised internet platforms for years and because of the Twitter’s unofficial role within politics and media, the broadcaster of all broadcasts, Rep. Frank Pallone commented that the hack could, therefore, had major consequences on the elections as a view shared by others. 

As New York Gov. Andrew Cuomo said, there are more than 300 million users as Twitter comes to be the primary source of news for many and thereby a target for bad actors. Further, it could be that the hack of this type by con artists for financial gain could be possibly a tool of foreign actors and others spreading disinformation as we have witnesses disrupting the elections. 

Coindesk reports that with a federal investigation underway, the hack will continue to ratchet up the pressure on social media companies that are already facing scrutiny over content moderation, misinformation, and foreign interference. 

Whereas as Start9Lab’s Matt Hill puts it the hack comes to be yet another wake-up call as, like most wake-up calls, it was greeted with a snooze button and growing sense of anxiety as it doesn’t mean they are any closer to a decentralized alternative. 

Market Intel

As The First Mover

On Thursday the notoriously volatile bitcoin slid just 0.8% to about $9,100 that followed the largest social media hack in recent times and thereafter involving an amateurish crypto scam. Here it is found that in a market as it is not uncommon for prices to swing 8% in a day, the non-event for the price according to Matt Blom, the head of sales and trading for the cryptocurrency firm Diginex told Frist Mover in an email. Revolving around the contradictory and mostly psychological readings of the event is the reason as the little in bitcoin was stolen all the publicity as well as the hack thereby shows the ease of it to track stolen crypto. Bitcoin was maybe worth stealing as it may be the most salient. 

Finally, The Opinion

Your Prime Membership Should Be Tokenized

Moving further on the CoinDesk columnist and chief investment officer at Arca, Jeff Dorman thinks that Amazon Prime Membership should be tokenised. Here we see them offering the clearest path to show the digital ownership and maintain the property rights as he says tokenisation also offers incentives for token owners to maintain, develop, and propagate their platforms. it comes to be the easiest way to link shareholders in a sense and users of the platform together. As he writes that it is the only path as capitalism and socialism converge as we are seeing it happen in real-time as Debt, equity, and tokenised digital assets are all having a place in an investor’s portfolio as it is more important in customers’ portfolios. The lines likely blur as investors become active participants in the bootstrapped growth of the companies they love. 


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