Cryptocurrency, Bitcoin critic and gold advocate Peter Schiff’s account appears to have been hacked. Peter Schiff’s son, Spencer Schiff, warned his father’s followers not to click on the link in the Tweet as it was “absolutely” in danger. Unlike Peter, Spencer has a positive stance on cryptocurrencies. Here are the details…
Has Schiff’s account been hacked?
The Twitter account of Peter Schiff, a famous gold advocate and open critic of cryptocurrencies, has been hacked surprisingly. Because the account was promoting a fake gold coin scam. The incident came to light when Schiff’s son, Spencer Schiff, warned his father not to click on the link in a tweet, emphasizing that the account had been hacked and that the information shared was probably false. It is worth noting that Spencer Schiff has a positive stance on cryptocurrencies, which is in stark contrast to his father’s views.
DO NOT CLICK THIS LINK. My dad is in London and it's 4 AM over there which means he was almost certainly hacked. He's not responding to any of my texts. https://t.co/sHvQccCtLp
— Spencer Schiff (@SpencerKSchiff) June 3, 2023
The hacker behind the incident took advantage of Peter Schiff’s reputation as a critic of cryptocurrencies, giving credibility to his scams. The hacked account tweeted an announcement regarding the official launch of a cryptocurrency token called “Gold”. The hacker claimed that this token will revolutionize the Web3 community by bridging the gap between physical gold and cryptocurrencies. This deceptive tweet was a retweet of a previous post from Schiff’s account in which he criticized the US government’s decision to increase the debt limit, citing inflation concerns. Peter Schiff is known for his defense of gold and his skepticism towards cryptocurrencies.
Schiff launched NFT on Bitcoin
Interestingly, prior to this hack, Peter Schiff had exhibited some unexpected behavior by adopting the technology underlying Bitcoin. As Cryptokoin.com announced, it announced the launch of its own NFT collection on “Bitcoin Ordinals”. Given Schiff’s long-standing criticism of Bitcoin, this move has taken the crypto community by surprise. Despite this, Schiff remains convinced that Bitcoin has no intrinsic value. He pointed out that it simplifies the authentication process of Ordinals associated with the NFT collection. Schiff even acknowledged the possibility that the Ordinals themselves could have added value if his skepticism towards Bitcoin was proven wrong.
The hack is a cautionary tale about the vulnerability of social media accounts, including those of high-profile individuals. Hackers exploit the trust and influence associated with these accounts to spread misinformation and commit fraud. This event also highlights the ongoing tension between traditional finance figures like Peter Schiff and the growing influence of cryptocurrencies in the digital age. In conclusion, the hack in which Peter Schiff’s Twitter account was used to promote a fake gold scam highlights the power of social media manipulation.
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