Twitter Hack Goes Viral as Bill Gates, Elon Musk, and Biden Hit by Massive Bitcoin Scam

Twitter has gone haywire as news of a Bitcoin scam hack targeting multiple high-profile figures such as Bill Gates, Elon Musk, Joe Biden, Jeff Bezos, and even multinational tech company Apple has broken out.  

The scammers that hijacked multitudes of verified Twitter accounts belonging to celebrities and key influential figures issued the same message across all platforms: 

“I am giving back to the community. All Bitcoin sent to the address below will be sent back doubled! If you send $1,000, I will send back $2,000. Only doing this for 30 minutes.”

This type of promise is a common technique used by crypto scammers to incite people to wire funds straight to their digital wallets. 

On Tesla CEO Elon Musk’s account, hackers posted a pinned Tweet entailing that the entrepreneur was going to double any Bitcoin (BTC) amount sent to his BTC wallet address. The multi-faceted entrepreneur is known to possess 0.25 Bitcoins. 

Ten minutes into the post, the wallet address displayed on Musk’s Twitter had already received 3.64 Bitcoins, which translated to $34 498 at the time of the reporting. The original tweet was soon deleted by Twitter Support. However, soon after the original post was removed, a new version popped up within seconds, clueing investigators into the fact that the Bitcoin attack was still ongoing.  

Donations to another Bitcoin address created by crypto scammers were said to have surpassed $100,000 in collected funds. 

After numerous influential Twitter accounts were discovered to be compromised — Kim Kardashian, Kanye West, Bill Gates, Barack Obama, Michael Bloomberg, Uber, Binance, Coinbase, to name a few— scam tweets were still up and running for more than an hour. 

Presidential runner Joe Biden’s official Twitter account was among those that were hijacked by scam artists. The scam was however contained and the post deleted within minutes. Chief executive of cybersecurity firm SocialProofSecurity Rachel Tobac addressed the issue and expressed her surprise as to Twitter not going “completely dark to prevent misinformation campaigns and political upheaval.” However, she said that it was a stroke of luck that the attackers were Bitcoin and money-motivated and not aiming for chaos and destruction. 

Twitter support then went on to temporarily prevent all verified accounts on their social media platform from tweeting for about half an hour. They tried to reassure their social media community by tweeting that they were working on the security incident and investigating further to fix the breach. Updates will soon be provided, Twitter Support posted. 

TRON Founder Justin Sun Offers Bounty Reward for Twitter Bitcoin Scammers

As distressed Twitter users scrambled to get a sense of the recent Bitcoin attack that happened earlier this week, TRON founder Justin Sun spoke up and offered a $1 million bounty reward for whoever was able to uncover the identities of those behind the Twitter mass hack.  

The Founder of the cryptocurrency platform TRON and BitTorrent CEO was among the many big-name influential figures that saw their Twitter accounts compromised and used as a Bitcoin laundering platform by scam artists. Through BitTorrent’s Twitter handle, his leading software company that deals with multi-tech companies such as Windows, Android, Mac and more, the young entrepreneur announced that he will “personally pay those who successfully track down, and provide evidence for bringing to justice, the hackers/people behind this hack affecting our community.” 

During the massive Twitter hack, the spam attacks demanding Bitcoin funds constantly kept surfacing on all handles, despite the spam tweets being perpetually removed as they rolled in and the security settings of celebrity accounts – set as a two –factor authentication process. 

BitTorrent was quick to address the issue and warned its crypto followers at the time of the incident to disregard whatever posts, comments, and/or DMs from CEO of Binance – CZ, from Binance’s official account, from TRON founder Justin Sun and his TRON foundation account, seeing as they were all under widespread attack from hackers. 

Twitter Goes Down & Sparks Reaction 

Following the huge Bitcoin scam attack, Twitter stocks fell in just under 15 minutes, going from $35.60 to $34.70 during after-hours trading, which is a decrease of around 2.5%.  

Many influential figures spoke up about the incident and were quick to criticize social platform Twitter’s way of dealing with the hack attack. Head of cybersecurity firm SocialProofSecurity Rachel Tobac said that she was quite surprised that Twitter did not go “completely dark to prevent misinformation campaigns and political upheaval.” The Bitcoin scam sneak attack was known to have also affected political candidate Joe Biden and former President of the United States, Barack Obama, among many others.  

Another influential figure, Scott Melker, a former music producer turned crypto trader, spoke about Twitter’s tactics in dealing with the situation, and said that this was an example of why centralized platforms were not reliable. He said that there were “single points of failure that you do not control.” Melker was also unsure of how Twitter could tastefully handle this massive hack outbreak in a way that would appease its users and wrote on one of the last tweets he could post on his verified Twitter account before his platform accessibility was restricted: 

“Imagine having the most powerful people and companies in the world all angry at you at once.” 

Charles Hoskinson Proposes Solution to Fix Twitter’s Problem, Taking Digital Identity to the Blockchain Age

With the recent Twitter hack, implicating individuals including Elon Musk, Bill Gates, Joe Biden, and a few others, Cardano founder Charles Hoskinson spoke about the issue in his most recent Whiteboard video.

In proposing a solution to this problem, Hoskinson suggested that Twitter does not need to “change much,” and that “Twitter works.” He added that Twitter does not need to make radical changes and that the authentication and verification process should be easy to use and understand. 

In addition, the IOHK CEO said that the process should be built on solid foundations, no business model changes should be made, and it should be cheap and easy to maintain.

With the foundations of solving the issue, Hoskinson explained that cryptographic signatures could be a part of the solution for “fixing Twitter.”

“A signature is where somebody takes a message, […] and they sign it with a mathematical function using their private key, and that creates a signed message.”

Verification can be authenticated as the public key will be able to determine whether the course of action taken is legitimate. 

Digital Identification Foundation

Hoskinson introduced a new standard, called the DID (decentralized identification) standard, which originated from the W3C. DID provides a standard to handle online identities using public and private keys. DIF, the digital identity foundation utilizes the DID standard, which is made up of members including Microsoft, IBM, Hyperledger, IOHK, Accenture, and others. He added, “There are lots of standards and we’re building this as a community in an ecosystem.”

The DID standard, as explained by Hoskinson, can be used for cryptocurrencies, as a part of the public key function. 

Introducing the idea of “Verified Tweets”

The Cardano founder’s idea of a “verified tweet,” includes the process of sending out the tweet, then creating a hash related to the tweet, and finally a signature with the user’s private key. The hash is linked to the tweet, to verify the tweet hasn’t been tampered with, and the private key is used to sign the tweet. 

This would process would result in two tweets, a verified tweet, and a regular tweet. The verified tweet would have the display of the tweet along with a verified symbol, while the regular would not. Hoskinson argues that this process would not be changing the Twitter verification process drastically. He added:

“A verified tweet would allow me to verify that the person tweeting controls it. […] The issue with the Twitter hack is Twitter itself was hacked, so how about we implement this type of solution without requiring Twitter much for that?” 

Hoskinson’s proposed solution for Twitter

A user can simply create a new decentralized identifier, or import an existing DID to a whitelisted ID verifier. The whitelisted ID verifier could be a government identity or VeriSign, and this entity could check with all the supporting evidence provided in the process to ensure that the identity presented is legitimate. The verifier would then sign with their key, which then sends it back to Twitter. 

Once Twitter receives the DID, they will be able to sign it as well, as long as it meets Twitter’s standards. The DID will have two signatures, one from the whitelisted authority, and the other from Twitter. The user would not be able to forge the signatures, as the user does not have those private keys. However, the user would be able to control the private key associate with the DID. The DID will then be embedded in a blockchain.

Taking the Cardano blockchain as an example, there would be beneficial features, including timestamping, auditability, and immutability. Hoskinson added:

“When the DID is embedded there, you have an ordering of events. You know when it first came in, and you can change it over time. It’s always there. Audit means that anybody can check it, in the entire world, no one can restrict your ability to check that and immutable means that nobody can change the record once it’s there.”

Cardano’s Prism framework

Charles Hoskinson further elaborated on Cardano’s Prism, which has a lot of built-in capabilities that would make the verification process easy on both providers, Twitter, and the whitelisted ID verifier.

With this proposed process, even if Twitter gets hacked and the hackers decided to send out a tweet from a user, the user would only be able to send out unverified tweets. Hoskinson said:

“You can even have a policy for high-value users that they can only send verified tweets, they can’t send anything else, meaning no one can tweet on their behalf.”

By utilizing the Cardano Prism framework, capabilities including threshold proofs, which requires the users to have certain qualities, including age or access. This would be enabled by zero-knowledge proofs. Hoskinson explained:

“The benefit to the end-user is that when we see Trump, or Bill Gates, or Elon Musk tweeting, we now have verified tweet to verify that it’s actually coming from them. No more giveaway scams, they die forever. No more impersonations, if Twitter itself gets hacked, doesn’t matter — no one can actually compromise the account.”

According to Hoskinson, the option of multi-sig tweets would allow for an extra layer of security and curation by having chains of signatures. 

The IOHK CEO said that he would be happy to build this process, concluding, “Jack [Dorsey] you know where to find me, send me a private message, I’m sorry you guys went through this but […] great companies always recover, and they recover through great ideas.”

Twitter CEO Jack Dorsey Apologizes for Bitcoin Hack, But Not Before Dutch Politician Was Compromised

Twitter CEO Jack Dorsey came forward on Thursday to apologize thoroughly for his social network company’s failure to prohibit and shut down Bitcoin scam artists’ digital heist of important verified accounts, that ranged from that of tech moguls Elon Musk and Bill Gates to political figure Joe Biden. 

The hack was reported to be the biggest one that Twitter has suffered in all of its history, resulting in the seizure of at least 130 accounts on the social platform. All pertained to prominent figures and celebrities, and hackers tweeted out the same message through at least 45 of those accounts, demanding for Bitcoin (BTC) funds. The message that appeared on Elon Musk’s verified account was formulated as so:  

“I am giving back to the community. All Bitcoin sent to the address below will be sent back doubled! If you send $1,000, I will send back $2,000. Only doing this for 30 minutes.” 

Other accounts, such as that of coin exchange Binance, depicted that the coin exchange had partnered with “CryptoForHealth” and was looking to give back 5000 BTC to the community.  

Did Hackers Have a Political Agenda?  

Of all the accounts, hackers accessed the private messages of 36 verified accounts. CEO Dorsey revealed that one of those accounts belonged to an elected political official in the Netherlands. Twitter however does not believe any other former or current elected political figures’ direct messages were accessed. This may come as a bit of reassurance to former President of the United States, Barack Obama, and political runner-up, Joe Biden, who also had compromised social media accounts. 

Identity of Hacked Political Account Comes to Light  

Though Twitter has not disclosed the identity behind the Netherlands elected official’s hacked account, recent information has come to light that may suggest that it belonged to no other but Dutch politician Geert Wilders.  

The far-right politician told BBC news recently that Twitter was referring to his verified account when it mentioned that one of the 36 accounts that had their direct private messages snooped through belonged to an elected political official. 

Political Figure Spills the Beans 

During the Twitter Bitcoin scam attack last week, Wilders’ profile picture was replaced with a cartoon of a black man, and his account’s background picture was switched to the Moroccan flag. The far-right Dutch politician is quite a figure in the Netherlands, as his Freedom Party is the second biggest part in the Netherlands’ House of Representatives.  

Wilders told BBC that he had been using Twitter’s direct message tool for about 10 years now. He went on to say that he was informed by Twitter following the fraudulent hack that not only had his Twitter account been hacked for some days, but the hackers also posted tweets on his account and sent DMs in his name. He confirmed that the hackers indeed got full access to his DMS, which “is totally unacceptable in many ways.”

The Dutch politician is extremely concerned with the Twitter security breach, as his Freedom Party had campaigned to ban Muslim immigration and shut down mosques. He expressed his view: 

“People critical of Islam or regimes in the Middle East [including those] from within countries like Iran, Saudi Arabia and Syria [have sent me DMs over 10 years] and I do hope they will not be in danger if their identity would be exposed because of this hack.  I had deleted most of them but maybe some were left there for the hacker to see and copy.” 

CEO Jack Dorsey and Twitter Apologizes 

Twitter took matters into their own hands and commented on the incident, saying that they have recently implemented safeguards to improve the firewall security of their internal systems. They went on to add that they were working in collaboration with law enforcement to further the investigations of the infamous Twitter BTC scam. Twitter also apologetically said that they are committed to regaining “the trust of all their stakeholders with their every action, including how they address the security issue.” 

Twitter Not The Only Victim of Bitcoin Schemes 

Bitcoin scams are becoming increasingly common on social media networks, as Twitter is not the only platform that has been targeted in such fraudulent attacks. YouTube has also recently been faced with a lot of backlash, resulting in lawsuits, due to the volume of cryptocurrency scam videos streaming through their platform.  

Apple Sues YouTube  

In recent news, co-founder of Apple Steve Wozniak filed a lawsuit against YouTube for the video content platform’s failure to take down fraudulent videos that impersonated Wozniak in an effort to extort XRP funds from YouTube subscribers. Google is also implicated in the lawsuit, as they are the parent company of YouTube. 

Bitcoin Eyes $12K, Experts Say It Will Surge Regardless of US 2020 Presidential Election Outcome

Bitcoin has been making power moves recently, recording gains over six consecutive days.

With the cryptocurrency currently trading at around $11,420, market analysts are already anticipating Bitcoin’s surge past the 12K point, saying that its price on the market will be unaffected by the outcome of the 2020 US presidential elections.

Why US elections will not affect Bitcoin pricing

Bitcoin has been increasingly viewed and touted as a safe-haven asset, undergoing surges on the market despite economic turmoil and inflation. With the presidential elections coming up next month, market analysts have asserted that Bitcoin’s price will continue surging despite the outcome of the US presidential run that will most likely see either President Trump re-elected or opponent Joe Biden taking over the wheel.

The logic behind Bitcoin’s continued momentum is that regardless of the presidential election outcome, the US Federal Reserve will need to roll out its second round of stimulus packages to deliver COVID-19 relief. This will push the US Federal Reserve to continue mass printing money, devaluating the US dollar.

With the US dollar depreciating, retail and institutional investors have been flocking to Bitcoin as a hedge.

Stimulus deal inconclusive, Biden ahead of Trump

The stimulus package is rumored to be worth $1.8 trillion, and the news comes after President Trump reversed his initial intention of postponing stimulus talks until after the November 3 US elections. The Trump administration proposed a $1.8 trillion stimulus package for COVID-19 relief, but discussions seem to have been stalled as Republics and Democrats have been unable to reach an agreement.

Currently, Biden, Barack Obama’s former vice-president, is ahead of Trump in the 2020 national election polls. The outcome of the presidential run on November 3 will see either Donald Trump remaining in political power for another four years or Joe Biden taking over the White House.

Institutional firms set the example for Bitcoin

In addition, with growing institutional participation, market experts have predicted that Bitcoin’s price will only go up from here, as corporate giants have incorporated BTC in their treasury reserve. The latest surge of the cryptocurrency came after payments company Square purchased $50 million worth of Bitcoin.

Market experts have said that this would only be the beginning of Bitcoin mass adoption, with firms setting the example by acquiring a piece of the Bitcoin pie. Bitcoin’s total supply sits at 21 million. With investors’ increased interested in the asset, its value will only go up.  

Trump Outraged: Jack Dorsey Faces Senate Subpoena After Twitter Blocks Biden Ukraine Scandal

The US Senate has announced that Twitter’s CEO Jack Dorsey will be called upon to testify about the recent incident in which the social media platform blocked users from sharing a NY Post story disclosing sensitive information on Joe Biden and his son’s alleged scandal in Ukraine.

Facebook and Twitter block Biden ‘fake news,’ Trump is furious

On top of Twitter restricting the New York Post article, Facebook also took action and said that it would “reduce the distribution of the article,” in an attempt to slow the spread of the news as the social network needed to fact-check the information. President Trump and the Republican party reacted with outrage, calling it an “election interference,” as the move comes 19 days before the US 2020 presidential election set for November 3.

The US Senate is planning to vote to subpoena Jack Dorsey, summoning his presence in front of the US Judiciary committee to explain social media companies’ logic behind locking users’ account, such as that of President Donald Trump.

Senator Ted Cruz said:

“We have seen big tech, we’ve seen Twitter and Facebook actively interfering in this election in a way that has no precedent in the history of our country.”

Numerous platforms including the Trump campaign account were blocked from re-tweeting the links pertaining to Biden and the Ukraine scandal his son and he was part of, as Facebook and Twitter both appealed to policies that said hacked material and personal information were at play.

According to people familiar with the talks, the information disclosed by NY Post was uncovered through Hunter Biden’s old computer.

Senator Cruz added that the vote will happen next Tuesday, to decide on whether CEO Dorsey needed to testify at the end of the week. Cruz added that it was to “explain why Twitter is abusing corporate power to silence the press.”

Following the censorship from Twitter, President Trump had made his anger explicitly known, as the article was related to his opponent Joe Biden and his son Hunter’s involvement in a Ukrainian company. The US president expressed his fury through his twitter and said:

“So terrible that Facebook and Twitter took down the story of ‘Smoking Gun’ emails related to Sleepy Joe Biden and his son, Hunter, in the @NYPost. It is only the beginning for them. There is nothing worse than a corrupt politician. REPEAL SECTION 230!!!”

Referencing Section 230 of a communications law, President Trump called out Twitter’s move in taking down the story as a terrible one and threatened to cancel a bill that served to protect companies from being held responsible for content posted by users on their sites.

Twitter CEO Jack Dorsey apologizes

Following the political commotion that was caused by Twitter’s move, CEO Jack Dorsey publicly apologized for his company’s actions, saying that it lacked adequate justification at the time of the deed. He explained that Twitter operated in a way in which fake news and hacked materials were immediately flagged, as the article was deliberated to be fake news, having information provided by Trump’s lawyer Rudy Giuliani, which may have contained misinformation. He explained his actions by linking Twitter’s official Safety Department’s statement, which read:

“The images contained in the articles include personal and private information – like email addresses and phone numbers – which violate our rules.”

Twitter Safety added an update this morning, which disclosed:

“We also currently view materials included in the articles as violations of our Hacked Materials Policy.”

Big Tech – Apple, Google, Amazon, and Facebook – have been facing ongoing heat from the US Congress for quite some time, as the Judiciary Committee is threatening to break up the monopoly and dominance the tech giants hold over the industry by coming up with regulatory policies aimed at anti-competitive practices.

Is decentralization the answer for Twitter and tech?

The way in which the incident was handled begs the question of whether social platforms as huge as Twitter could benefit from a blockchain and decentralized protocol

Jack Dorsey has long expressed his support of blockchain technology and the mainstream cryptocurrency which revolutionized it – Bitcoin – hinting that Twitter was also making its way in becoming decentralized, as “the more we’re giving the individual the keys, the safer we’re going to be.”

If that were to happen, censorship resistance would happen on Twitter, as the underlying infrastructure would run on distributed ledger technology (DLT). A DLT system has crucial aspects which include “persistence, transparency, standardization, and censorship resistance.”

In other words, once a user uploads content onto a platform, the move will essentially be irreversible on the chain, making censorship potentially obsolete and giving more power to individuals to regulate the platform, as opposed to a fully centralized entity.

Bitcoin Has Been Through Two US Presidential Elections, This One Will be Different for BTC

Bitcoin has witnessed two US presidential elections in its lifetime, since its inception in 2008. However, during the two US elections in 2012 and 2016, the digital asset was still too nascent to have seen any profound impact arise. 

The Presidential elections have caught countrywide attention not only from the US but from the entire world. As the US dollar continues to be the world’s reserve currency, the election results could potentially affect traditional markets all over the world. 

Throughout history, the US presidential elections have a direct impact on the stock markets, according to Forbes. The stock market has a history of performing better when an incumbent president is elected compared to a new administration.

US President Donald Trump has not been a fan of Bitcoin and cryptocurrencies, having to post a tweet in July 2019:

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….”

It was revealed later that Trump also criticized Treasury Secretary Steve Mnuchin’s approach to trade negotiation with China, and the President told Mnuchin to “go after Bitcoin,” for fraud. 

Max Keiser: Bitcoin is only correlated to Bitcoin

Famous TV Host Max Keiser believes that Bitcoin is bigger than the elections and that it is an asset that has “no real correlation with anything – stocks, bonds, currencies, gold, commodities, or property – and certainly no political parties or political outcomes, here in the US or anywhere in the world.” Keiser explained:

“To be clear, I don’t mean BTC is backed by energy. What I’m saying is, it’s backed by code that’s unstoppably programmed to consume all available energy on Earth and beyond, to create absolute monetary scarcity to elevate humanity to a more pure spiritual state of existence…”

Keiser concluded that no matter who the next US president is, Bitcoin will continue to be the ultimate asset for monetary storage of value. 

JPMorgan expects a bull market rally after the election

According to JPMorgan, the stock market is expected to resume a full bull market rally after the election. There would be a 50 percent upside left to climb in the long term, the firm told investors. 

Strategist Nikolaos Panigirtzoglou said that even though the US market suffered its worst week since March recently, the macro positioning of investments still looks bullish for stock investors in the long haul. 

Crypto analytics firm Glassnode noted that as Bitcoin has continued to gain momentum, it ended the week by trading up by 5 percent. Glassnode explained:

“In Week 44, $BTC continued gaining momentum, ending the week up by over 5%. But despite these gains, a drop in on-chain fundamentals may prevent #Bitcoin from decoupling from traditional markets.”

Bitcoin has seen a 2.3 percent downfall in the past 24 hours, while other large-cap altcoins have seen bigger losses. Bigger movements in the market are expected in the next 24 hours, especially after the US presidential election results are announced. 

What Biden’s Presidency Could Mean for Crypto

Biden has officially won the US presidential election, unseating Donald Trump. With change in the air, the crypto community has pondered the question of what a Biden presidency would mean for the industry.

Unlike Trump, who has on more than one occasion publicly made it known that he was not keen on Bitcoin and cryptocurrencies, associating them with crime, Joe Biden has not broached the subject of crypto during his presidential campaign. The only instance in which he mentioned Bitcoin (BTC) was to clarify that he did not possess any, following the infamous Twitter hack, in which hackers demanded Bitcoin funds through the compromised profiles of celebrities and important figures.

New key leaders in crypto

The correlation between Biden and crypto appears to be murky, although who the President-elect appoints to fill important seats in regulatory roles revolving around crypto may result in stricter or more permissive rules for the industry. General Counsel at Compound Finance, Jake Chervinsky, said:

“The next four years of US crypto policy depends on who he (Joe Biden) appoints to key positions.”

For now, it appears as though the crypto community has been widely receptive to welcoming Biden as president. Crypto enthusiast and entrepreneur Qiao Wang said:

“The real winner is crypto: Biden to hire Bitcoin-friendly Gary Gensler; Trump/Mnuchin openly hostile towards BTC […] Looking forward to the next few years.”

There have been rumors that Biden has designated Gary Gensler as a likely candidate for overseeing Wall Street as a financial advisor. Gensler, a former chairman of the Commodity Futures Trading Commission, has been known to be very open-minded towards crypto in the past.

Bitcoin gains as the dollar loses

A definitive winner for crypto is that in any case, inflation will likely result in more investments entering the crypto space. With a second round of stimulus packages to be distributed for COVID-19 relief, the US Federal Reserve will have to continue mass printing fiat, leading to a debasement of the US dollar.

This will inevitably lead to more people securing their funds through Bitcoin and other cryptocurrencies. Top UK economist Garrick Hileman shared his views in an email to Blockchain.News, and said:

“Anything that negatively impacts the perception of a safe and stable dollar will likely boost interest in bitcoin and other cryptocurrencies.”

Republicans Cry Foul Play, USPS Postal Employee Retracts Claims of Ballot Tampering

The US elections have finally come to an end, amid a flurry of anticipation, misinformation, and “he said, she said” disputes that have left the Republican party incredibly infuriated.

President Trump has implied time and again that the elections were rigged, in response to Joe Biden winning the elections. Questioning the system of mail-in votes, Trump has alleged that the ballot counts are fraudulent. These claims come after two counties that voted heavily for Trump, Fayette and Luzerne, encountered trouble with ballots. Though 67% and 57% of voters in those counties voted for Trump, according to data from Decision Desk HQ and Insider, the end results indicated that those counties preferred Biden over Trump, bringing into question irregularities in the 2020 US election.

Nonetheless, there is not enough substantial evidence in Trump’s lawsuits to indicate foul play, according to Business Insider and numerous other sources. Furthermore, experts have said that voter fraud was extremely rare.

In Fayette, voters allegedly received two mail-in ballots instead of one, leading the Trump campaign to denounce it as a case where voter fraud may have happened. In another instance, in Luzerne County, what sparked Republican outcry was that according to the lawsuit filed, “nine military ballots” were thrown out.

The Republican Party also appealed to the Justice Department with claims that a Pennsylvania postal worker’s supervisor had allegedly instructed postal workers to backdate ballots.

According to numerous sources, Hopkins has since then recanted his claims. Through its official account, the US House of Representatives’ Oversight Committee tweeted:

“#USPS IG investigators informed Committee staff today that they interviewed Hopkins on Friday, but that Hopkins RECANTED HIS ALLEGATIONS yesterday and did not explain why he signed a false affidavit.”

Is blockchain the key to preventing voter fraud?

The amount of misinformation that has occurred as a result of the US presidential elections has begged the question of whether blockchain technology may potentially be a solution in bringing a decentralized system and a better voting experience rid of irregularities.

Previously USPS has filed a blockchain-based patent to fuel the voting system, saying that it will facilitate voting, and make the system more secure, efficient and trustless. With blockchain technology, the voting system could become more reliable and ballots could be made more traceable on a distributed ledger.

Joe Biden Considers Crypto-Friendly Former CFTC Chair Gary Gensler For Deputy Treasury Secretary

President-elect Joe Biden is considering Gary Gensler, the former Commodity Futures Trading Commission chairman, to become Deputy Treasury Secretary. Gensler has a crypto-friendly history and notably defined Bitcoin as a catalyst for change while his colleagues dismissed the cryptocurrency as a Ponzi Scheme.

Biden’s transition team is fast being filled with alumni from key federal agencies to prepare policies and staff for the new administration. President-elect Joe Biden is currently considering Gary Gensler, former Commodity Futures Trading Commission Chairman (CFTC) under Obama, to be the Deputy Treasury Secretary.  Gensler’s selection to rein in Wall Street is set to bear fruits because he understands that world, having spent almost 20 years at Goldman Sachs in the 80s and 90s before he joined the Clinton administration as Assistant Secretary of the Treasury. Biden’s move to add Gensler to his roster indicates that pro-cryptocurrency regulation could be on the cards.

Gensler is currently leading Biden’s transition agency review team that is reviewing the Federal Reserve and securities and banking regulators. Gensler would report to Janet Yellen, the former Federal Reserve Chairperson, who Biden is reportedly set to select as Treasury Secretary. Despite her past warning against Bitcoin, Yellen has shown an interest in blockchain technology. The crypto community has even welcomed Yellen’s selection as Treasury Secretary.

Gensler served under President Obama’s administration as a key financial regulator (CFTC chairman) who assisted in spearheading new rules after the 2008 financial crisis. He also served during the Clinton administration in the Treasury Department.

Gensler was a professor at MIT Sloan School of Management, teaching a course about how blockchain and bitcoin could be used in finance. In 2018, he testified before Congress about blockchain and cryptocurrencies on several occasions, advocating against comparisons between Ponzi schemes and cryptocurrencies and saying that the much-awaited Libra cryptocurrency met the requirements of being security under the U.S law. In December 2019, Gensler called Bitcoin a “catalyst for change,” despite being prone to manipulation and scams. He further said that blockchain and crypto assets have already promoted real change.

Biden Administration Seen as A Good Thing for Cryptocurrencies

As Biden is set to become the U.S president in January next year, the crypto community is optimistic that the new White House would have a friendlier tone toward cryptocurrencies than what Trump’s administration did. Trump previously declared that he’s “not a fan of Bitcoin and other cryptocurrencies” and he even hired other crypto skeptics like Treasury Secretary Steven Mnuchin.

Although Biden’s team has not clarified how its administration would feel about crypto assets, the involvement of crypto-minded advisers like Gary Gensler is a positive indication and hope in the crypto world. Gensler understands blockchain and cryptocurrencies and can put the right team of regulators together that would be willing to work together towards advancing crypto policies.

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