Peter Schiff, a well-known figure in the financial world and an outspoken critic of cryptocurrency, found himself at the center of a questionable incident on Twitter today. In a brazen attack, hackers targeted Schiff for promoting what appears to be a fake $GOLD currency scam.
News of this hack came to light when it was done Advertise on Twitter By his son, Spencer Schiff, who, in stark contrast to his father’s views, has a positive attitude towards cryptocurrencies, particularly on bitcoin.
Do not click on this link. My dad is in London and it’s 4am there which means he almost certainly got hacked. He is not replying to any of my texts. https://t.co/sHvQccCtLp
– Spencer KSchiff June 3, 2023
Peter Schiff: A complex relationship with cryptography
The elder Schiff has, for years, criticized cryptocurrencies, especially bitcoin, dismissing them as nothing more than a Ponzi scheme lacking any intrinsic value. However, in a surprising turn of events, last week Schiff revealed a co-op Non-fungible art (NFT) collection which will soon be auctioned on the Bitcoin network.
I did not convert. I think the value lies in the art. Original oil painting and signed limited edition. Ordinal elements help add value to art by making it easier to establish authenticity. The Ordinals themselves could have additional value if it turns out I’m wrong about Bitcoin.
– Peter Schiff (@PeterSchiff) May 28, 2023
The response from the cryptocurrency community has been diverse, sparking a range of feelings from confusion to amusement to even acceptance, particularly among supporters of alternative cryptocurrencies. Some took the opportunity to highlight the apparent hypocrisy in Schiff’s actions, given his longstanding dislike of digital assets.
narrative exploitation?
The motivation behind the hackers’ decision to target Peter Schiff’s Twitter account becomes clearer when considering the account of a cryptocurrency critic turned cryptocurrency believer. Perhaps this shift in Schiff’s perspective made him an attractive target, as hackers sought to exploit this newfound interest in order to promote a non-existent digital currency.
The fraudulent currency in question, $GOLD, has no verifiable online presence at the time of writing. It is important to highlight that Peter Schiff has been around for a long time An enthusiastic advocate for investing in gold.
The hackers’ strategy appears to hinge on the irony of promoting a gold-pegged currency to someone who is very supportive of the traditional precious metal. By capitalizing on Schiff’s reputation as a supporter of gold, the perpetrators likely aimed to gain credibility and attract the attention of unsuspecting individuals who might associate the currency with Schiff’s endorsement.
As for the younger Schiff, he hasn’t given an update on the incident, including the status of his father’s account and whether or not they’ve identified the people behind the attack.
On target: Peter Schiff
At the time of writing, Peter Schiff Tweet fake coin $ gold It is still visible on his profile.
That’s why I’m excited to announce the official launch of golda cryptocurrency token poised to enable # web 3 A community, connecting the physical and digital currency worlds.
your claim gold here: https://t.co/pj2vetpMP2 https://t.co/PiyPeAFeaC
– Peter Schiff (@PeterSchiff) June 3, 2023
BTCUSD slightly above the $27K level on the weekly chart at TradingView.com
Featured image by Dado Ruvić / Reuters
