Twitter Hack and the security measures of Crypto Firms

Twitter Hack and the security measures of Crypto Firms

Let us check the crypto news. Crypto firms blocked the Twitter hackers’ crypto addresses within forty minutes. That is what the New York Department of Financial Services found.

NYDFS, or the New York Department of Financial Services, has released a lengthy report. It analyzed the impact of the high-profile Twitter hack of July. Thus, the hack resulted in the theft of around $118,000 worth of BTC (Bitcoin).

The NYDFS states that the incident exposed profound cybersecurity weaknesses far beyond the immediate material impact. Publicly traded social media company valued at $37 billion has the cybersecurity weaknesses. The company counts over 330 million active monthly users. The discovery will have severe consequences considering the ever-expanding influence of platform over both the political and financial markets.

On Oct. 14, NYFDS published a report. There were two key sections. The Twitter hack will have an impact on the cryptocurrency licenses of the department. The second key factor is how those companies responded to protect their clients from fraud. Also, the New York Department of Financial Services compiled and surveyed crypto firms’ recommendations about how to prevent a similar cyberattack from succeeding in the future.

Crypto

The agency noted that in the third phase of the hack, the attackers aimed at the Twitter accounts of crypto companies. It included NYDFS-regulated entities as well. Those companies responded quickly to block impacted addresses. Thus, they demonstrated the maturity of the cryptocurrency marketplace of New York and those authorized to engage within it. Their actions show that New York continues to attract only the most responsible actors and set a high standard.

Square, Coinbase, and Gemini all of them, provide wallet services. Those companies’ Twitter accounts were hacked. Thus, they rapidly blocked the Bitcoin addresses posted by the hackers on Twitter. Each of those companies blocked the relevant addresses within forty minutes of their accounts being hacked. That is, according to the New York Department of Financial Services’ survey.

In total, they surveyed twenty-two crypto firms. While fifteen of them blocked transfers to the addresses, seven did not. The report says that some companies have different business models. They do not directly handle transfer services and custody, which accounts for their inaction.

Coinbase blocked around 5,670 transfers, valued at roughly $1,294,000. Bitstamp blocked one transfer, valued at two-hundred-and-fifty dollars. Gemini blocked two transfers, valued at $1,80000, and Square blocked 358 transfers, valued at approximately $51,000.

Other parts of the report analyzed security measures of the crypto firms.

That is the current news of the crypto world.

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